TOP Tankers Sells 13 Vessels for $550M

Monday, March 13, 2006
Crude oil shipper TOP Tankers Inc. on Monday said it has sold for $550 million 13 vessels -- which will be immediately leased back under five- to seven-year contracts -- and declared a special $5 dividend. TOP shares surged on the news, gaining $3.08, or 22.3 percent, to $16.90 in premarket activity. The stock, which has traded in a 52-week spread of $11.80 to $19.79, closed at $13.82 Friday on the Nasdaq. Athens, Greece-based TOP said it expects cash proceeds of about $240 million from the deal. The company plans to use the proceeds to pay the dividend, to be distributed on March 27 to shareholders of record March 22. Another special dividend of $2.50 is expected near the end of the month, TOP said. TOP sold nine Suezmax carriers and four Handymax carriers. After the sale, TOP will operate 27 vessels, with nine fully owned and 18 chartered and fully controlled. The company said it will amortize a book gain related to the sale of about $90 million over the respective lease period.

People & Company News

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Why Maritime Museums Matter

With today’s focus on digital technology, mobile apps, enhanced reality and the overall digital landscape, the maritime industry often gets overshadowed, leaving some to ask,

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Ship Sales

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Damen Trading Sale hits 500th Vessel

30 years and 500 vessels later, Damen Trading is just getting started. Damen Trading’s story begins in 1986, with Damen Shipyards Group responding to growing market demand for used vessels.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0853 sec (12 req/sec)