Ship Sale Pays Off Mortgage, Compensates Charter Termination

Press Release
Thursday, February 07, 2013

Mercator Lines (Singapore) agrees to sell its 279,022 dwt  VLOC 'Sri Prem Putli'.

The vessel was built in 1993 and converted from Very Large Crude Carrier (VLCC) to Very Large Ore Carrier (VLOC) in 2009.

The Vessel is expected to be delivered to its buyers in March 2013. The sale is subject to the approval of the mortgagee to which the Vessel has been mortgaged. The sale would be along with her existing charter.

Assuming a delivery date of 31 March 2013, the Book Value of the Vessel on the date of her delivery will be about US$ 67.44 mn and considering net proceeds of US$ 44.40 mn, the loss on account of sale of the Vessel will be about US$ 23.04 mn.

The Company intends to allocate the net proceeds from the sale of the Vessel towards part prepayment of the loan facility against which the Vessel is mortgaged, towards payment for early termination of charters of its long term chartered-in vessels

 


Contracts

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

Ship Sales

Securing the Scorpene: DCNS to Move Court

The French shipbuilder DCNS plans to seek an injunction to prevent further publication of information contained in 22,400 secret documents about stealth submarines built for India,

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

STX to Slash Jobs, Sell Yard

To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Finance

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

India Shipping Ministry Enlarges Scope of Sagarmala

India's Ministry of Shipping has formulated a revised Central Sector Scheme to provide financial support to Major and Non-Major Ports as well as State Governments

Industry Wants Hanjin Shipping to Merge with Hyundai Merchant Marine

The Korea Shipowners’ Association (KSA) has officially suggested Hanjin Shipping merge with Hyundai Merchant Marine (HMM) to prevent  court receivership and liquidation, reports Business Korea.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics 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: 0.0874 sec (11 req/sec)