Odfjell Nets Gain of $18m on Ship Sale

Wednesday, December 17, 2008

Odfjell has entered into an agreement to sell MT Bow Santos (19, 997 dwt, stainless steel, built 2004 in Japan) with a net gain of $18m. The vessel will be delivered to its new owner, Star Tankers AS (a company owned by Torkel Alendal) in December 2008.

Simultaneously Odfjell has entered into a bareboat charter with the new owner for a period of 5 years with options to purchase the vessel. Odfjell Ship Management will be the technical and crewing manager for the vessel.

Odfjell has been working on ways to strengthen the equity ever since the damaging Norwegian retroactive tax was imposed last year. This process has become more challenging due to the financial crises. Despite the difficult markets, we are pleased to have arranged the sale of MT Bow Santos, says Terje Storeng, President/CEO of Odfjell SE.

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

KKR, Borealis Maritime JV acquires 9 container ships

KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels

KKR & Borealis Maritime Acquire 9 Containerships

KKR and Borealis Maritime say they have acquired a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously

G E Shipping Sells General Purpose Product Tanker

The Great Eastern Shipping Company Ltd. (G E Shipping) has signed a contract to sell the 1991-built General Purpose Product Tanker Jag Prachi (28,610 dwt). The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.0766 sec (13 req/sec)