OceanFreight Diversifies into Tankers

Thursday, December 13, 2007
OceanFreight Inc. acquired its tenth vessel. The company announced it acquired a 1993 built 93,723 dwt double-hull Aframax tanker from interests associated with George Economou for $47.25 million, expanding its fleet to ten vessels. This vessel was delivered to OceanFreight on December 6, 2007 and immediately commenced a new time charter for a period of about three years at a gross daily rate of $27,450 with a major NYSE listed oil company. Cardiff Marine Inc. has been retained as the technical manager of the vessel. Mr. Kandylidis, the Chief Executive Officer of OceanFreight commented: "OceanFreight’s stated strategy has been to grow its fleet maximizing its return on investment across all shipping sectors. We will continue to seek period employment for our vessels with staggered charter renewals to provide us with stable and predictable cash flows thereby enabling us to maintain our high dividend policy. In this context, we are very pleased to announce the acquisition of our tenth vessel which allows us to diversify into the tanker sector and with a transaction that is accretive to cash flow per share. The attractive charter rate we secured and the first class counterparty for this charter are a testament to our ability to capitalize on our commercial contacts, as well as to Cardiff’s track record in operating vessels to the highest industry standards. We are looking forward to a long-lasting relationship with this major oil company."
Maritime Reporter November 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

U.S.& Iran Meet Ahead of Deadline for Atom Deal

U.S. Secretary of State John Kerry will meet Iran's foreign minister and the European Union foreign policy chief in Oman on Nov. 9-10 to discuss the Iranian

APM Terminals Organizes CSR Initiatives Under ‘I - Care’

APM Terminals Inland Services, South Asia continues to rollout its “I- Care” CSR master plan to help local communities in India improve their quality of life. Eye

J.Poulsen Shipping & Harren & Partner Join Forces

After having established Combi Lift as one of the leading companies within ocean transportation of heavy lift and project cargoes the owners, J. Poulsen Shipping

Tanker Trends

ClassNK Registered Al Kout Delivered to KOTC

Leading classification society ClassNK announced that it has completed work on the 165,178GT VLCC Al Kout, built by Daewoo Shipbuilding & Marine Engineering Co.

DNV GL Approvals for SAACKE Scrubbers

Classification increases planning certainty for exhaust gas scrubber operators.   The classification society DNV GL has certified the SAACKE exhaust gas scrubber

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1076 sec (9 req/sec)