Tankship Sold For Conversion to FPSO

Press Release
Wednesday, October 24, 2012

Belgian owners, Euronav NV, of  the VLCC 'Algarve' announce its delivery to the new owner for conversion.

The 298,969 dwt VLCC Algarve, built in 1999, was sold for USD 35,875,000 yielding Euronav a capital gain of USD 7.3 million which will be recorded, whilst the net cash proceeds available to the company after the mandatory repayment of its debt obligation will be USD 17.3 million.

The ship will be converted to a FPSO (Floating Storage Production & Offloading) vessel by her new owner and will therefore leave the worldwide VLCC trading fleet.

The firm price of this sale reflects on the company’s strategy to have set up an offshore department last year capable of understanding the needs of potential offshore buyers as well as having always maintained the ship well above industry standards.

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Chinese PM Inks 2 Agreements During CMA CGM Visit

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.

GTT Records Order for 2 LNG Tankers

GTT receives a new order from Hyundai Samho Heavy Industries for two LNGCs for Teekay   GTT, a designer of membrane containment systems for the maritime transportation

Crowley Takes Over Management of MSC Ships

Crowley strengthens relationship with U.S. Navy, completes turnover of Military Sealift Command T-AGOS/T-AGM fleet   Crowley Maritime Corp. announced its global

Ship Repair & Conversion

Hapag-Lloyd's New Noses Lower Emissions

Hamburg based shipping company Hapag-Lloyd plans for 24 of the largest containerships in its fleet to get new bulbous bows by 2016, with some of the vessels also

The Hour of Power: Hybrid Marine Technology and Green Ports

In 2015 two significant developments are going to make many operators, owners and builders of professional vessels consider hybrid marine power. Firstly the new emissions laws in ports,

UK Navy’s Ice Patrol Ship Gets a New Coating

U.K. Royal Navy Ice Patrol Ship HMS Protector is deployed on operations for 330 days a year, mostly in the Antarctic region, making it essential that her underwater

Ship Sales

Samsung Bags $4.7bn Order for 3 FLNG from Shell Gas

South Korean shipbuilder Samsung Heavy Industries Co. as won a 5.2 trillion won (US$4.7 billion) order to build three floating liquefied natural gas (FLNG) facilities, reports Yonhap.

Esben Poulsson, New President for Singapore Shipping Association

The Singapore Shipping Association (SSA) has named Asian shipping veteran Esben Poulsson as its new president, succeeding Evergreen’s Patrick Phoon.    “I am

DryShips Sells Six Aframax Tankers

Dry bulk and petroleum cargo shipper DryShips Inc., through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore contract drilling oil services, announced

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2260 sec (4 req/sec)