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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.3532 sec (3 req/sec)