TOP Tankers Announces Re-Acquisition of Suezmax Tankers

Tuesday, May 29, 2007
TOP Tankers Inc said that it has entered into an agreement to re-acquire four suezmax tankers that it sold in 2006 in a sale and lease-back transaction, and to terminate the respective operating leases. The four suezmax tankers are Limitless (DWT 136,055 built 1993), Endless (DWT 135,915 built 1992), Noiseless (DWT 149,554 built 1992) and Stainless (DWT 149,599 built 1992). The acquisition will be financed 70% by bank debt, already secured with a leading shipping lender, 10% by the early redemption of the seller's credit associated with the 2006 sales and lease back transactions and 20% by existing cash balances. The deal is expected to close early June 2007.

In addition, the Company announced today that it has entered into an agreement to terminate its bare-boat charter for the Handymax tanker Invincible (DWT 47,084 built 1992), after sale of the vessel from its Lessors to a third party. The deferred gain from the original sale of approximately $2.4 million will be recognized in the second quarter of 2007.

Subject to the accounting treatment relating to the acquisition cost, the Company expects the re-acquisition and the termination of the five bare-boat contracts to have an accretive effect on both its cash flow from operations and earnings per share.

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

Tanker Trends

Global Shipping Exposed to Cyber Threats

The next hacker playground: the open seas - and the oil tankers and container vessels that ship 90 percent of the goods moved around the planet. In this internet age,

Euronav Posts 62% Core Profit Increase

Belgian crude oil shipping group Euronav on Wednesday unveiled a 62 percent rise in first-quarter core profit as daily rates for its fleet rebounded from last year.

Navios Time Charters Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced  that the Nave Equinox and the Nave Pulsar have been chartered out

Navy

US Navy Completes Korea Ferry SAR Mission

With concurrence from South Korean commanders, the U.S. Navy amphibious assault ship USS Bonhomme Richard (LHD 6) is departing waters around Jindo, South Korea

Today in U.S. Naval History: April 23

Today in U.S. Naval History: April 23 1917 - Launching of USS New Mexico, first dreadnought with turboelectric drive 1918 - USS Stewart destroys German submarine off France 1945 - In only U.

CNR: Innovation Maintains US Naval Advantages

An interview with Rear Adm. Matt Klunder, U.S. Navy Chief of Naval Research What are your near term, mid-term and long term science and technology (S&T) objectives?

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.0677 sec (15 req/sec)