MISC to Sell and Lease Back Aframax Tankers

Tuesday, November 21, 2006
MISC Bhd said its subsidiary AET Inc Ltd has entered into a sale and leaseback agreement of five Aframax tankers from its existing fleet for $185m resulting in $90m gain. The shipping company in a statement on Nov 20 said the sale and lease back is to capitalise on the current buoyant asset environment and release value for reinvesting in new and more efficient tankers. The five tankers MT Quasar, Eagle Centaurus, Eagle Carina, Eagle Corona and Eagle Auriga were built between 1989 and 1993. Source: The Edge

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