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

 

Maritime Reporter November 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Brazil Setting-up Solar Parks

Brazil finally entered the solar power sector on Friday, granting contracts for the construction of 31 solar parks as it tries to diversify its sources of generation

Royal IHC Bags Dredging Package Order

Royal IHC (IHC) has secured a new contract with the Chinese shipyard, Jin Hai Heavy Industrial Group, for the delivery of a dredging installation package for a trailing suction hopper dredger.

Wärtsilä, Diesel United Renew Pact

Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines.

Bulk Carrier Trends

Equinox Class Scrubber Systems Receive Certification

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite

Bulker Arrives to US on Her Maiden Voyage

The Port of Vancouver USA welcomed the Kypros Unity, commanded by Capt. Wilfredo F. Itable of Cyprus, on her maiden voyage Oct. 28. Capt. Itable and his 20-member

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

Ship Sales

Hyundai Heavy Plummets to Worse Loss Ever

South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of $1.8 billion and warned it's heading for its

Danaos Corp. 3Q & 9M Results

Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2014. Highlights for

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Finance

Royal IHC Bags Dredging Package Order

Royal IHC (IHC) has secured a new contract with the Chinese shipyard, Jin Hai Heavy Industrial Group, for the delivery of a dredging installation package for a trailing suction hopper dredger.

Italy Ending Med Sea Rescues

Rights groups warn of risk of more deaths; EU mission Triton will have more limited scope. Italy said on Friday it would close a sea rescue mission that has saved the lives of more than 100,

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.1537 sec (7 req/sec)