TOP Tankers Sells 13 Vessels

Tuesday, March 14, 2006
Crude oil shipper TOP Tankers Inc. said it has sold 13 vessels for $550 million -- 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 March 10 on the Nasdaq. 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. (Source: MSN Money)
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

B COOL Acquires MEMAC

With the acquisition of MEMAC, B COOL A/S now offers customers one entry to multiple maritime systems – both refrigeration solutions and monitoring of the engine

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

Key to Somalia's Recovery

Piracy, terrorism and criminal activities originating in Somalia can only be addressed by creating a climate of security, engagement and empowerment that will encourage home grown businesses,

Ship Sales

Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday.

Venezuela's PDVSA Puts Six Tankers Up for Sale

Venezuelan state oil company PDVSA said on Friday it is selling four crude tankers and two liquid petroleum gas (LPG) tankers that are currently inactive, amid a broader plan to modernize its fleet.

Maersk Supply Service Orders Six Offshore Vessels

Maersk Supply Service, a unit in Danish conglomerate A.P. Moller-Maersk, said on Thursday it has placed an order for six new large anchor-handling tug supply vessels from Kleven Maritime in Norway.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair 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: 0.2153 sec (5 req/sec)