MC Shipping to Sell LPG Tankers

Tuesday, November 14, 2006
Reuters reported that MC Shipping Inc. said its board approved the sale of six small liquefied petroleum gas tankers to a special purpose German KG company for $52m. The KG company is to be formed by the German finance house MPC Capital. The total book value of the vessels was $32.8 million as of Sept 30, the company said. MC shipping said in a news release it would charter back the vessels for a minimum period of four years and reinvest between $5 and $5.75m in the KG company for 25 percent of the equity. After repayment of a debt and the reinvestment, MC shipping said it will receive about $24 million as net proceeds. Source: Reuters

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