Stelmar Buys Osprey Tanker-Fleet for $212.5M

Wednesday, January 31, 2001
Airline chief Stelios Haji-Ioannou's tanker company Stelmar has agreed to pay $212.5 million for the bulk of the clean tanker fleet of Singapore-listed Osprey Maritime, Reuters reported on Wednesday. Neither company was able to comment. Brokers said Stelmar, set up in 1992 by Haji-Ioannou, owner of cut price airline easy Jet, will take four double-hulled 1990s-built tankers of 46,000 tons and six slightly older and smaller single-hulled vessels in a deal that will double Stelmar's fleet size. The deal is subject to final Stelmar board approval, they added. A spokesman at Stelmar's Greek office said that because it was seeking a stock market listing, the company was prevented from commenting. Osprey company officials were unavailable for comment. U.S. tanker operator OMI Corp said on Tuesday that it had agreed to buy Osprey's other three single-hulled 30,000 ton vessels for $41.25 million. OMI said it would pay for the ships with $18.55 million in shares and the remainder in cash. OMI President and CEO Craig Stevenson said, "The three ships represent high quality tonnage in one of our strategic ship classes. We are obtaining them during a strong product market, making the transaction highly accretive to earnings immediately." 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)
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Wärtsilä to Begin Building LNG Terminal in January

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction 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: 0.1117 sec (9 req/sec)