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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

DSME, Sovcomflot Delay Delivery of First Arctic LNG carrier

South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) and Sovcomflot have agreed to delay a liquefied natural gas carrier being built for the Yamal LNG project in Russia.

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.0453 sec (22 req/sec)