Osprey Maritime Sells 10 Ships

Wednesday, February 07, 2001
Osprey Maritime Ltd. agreed to sell 10 product tankers to Greek shipping company Stelmar Shipping Ltd. for $216 million. Osprey said that this is in line with its revised strategy of focusing on the ownership and operation of LNG carriers. Athens-based Stelmar was set up in 1992 by Haji-Ioannou, owner of cutprice airline easyJet. Separately, Osprey said it had also agreed to sell another tanker to U.S. OMI Corp. for $14 million. OMI will fund the purchase via cash of $7.7 million and an issue of 900,000 OMI shares at $7.00 each, which amounts to $6.3 million, Osprey said. Shipping magnate John Fredriksen, whose World Shipholding Group now holds a 91 percent stake in Osprey, announced in late December that he planned to sell off all Osprey's clean tankers to generate cash to invest in gas carriers. - (Reuters)

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