Tag: Aida

Tanker Investments Closes Deals for Four Tankers

first_imgzoom Tanker Investments Ltd. has entered into four Memoranda of Agreement (MoA) to acquire four vessels. The procurement of the four vessels is in line with the company’s strategic plan to grow its fleet through attractively-priced acquisitions.The first two vessels, slated for delivery in late May or early June 2014, are 2012-built coated Aframax tankers and have been bought for US$ 47.5 million each. Upon delivery, the vessels will continue to trade in the Teekay Taurus Pool.If the vessels are not ready for delivery by July 15, 2014, the company has the option to cancel the MoA, and, if the seller fails to complete a legal transfer of the vessels due to proven negligence, the company can claim compensation for documented losses and expenses incurred due to the non-delivery.A purchase agreement to acquire the entire membership interests in the companies Alpha VLCC L.L.C. and Beta VLCC L.L.C., each of which owns one 2010-built Very Large Crude Carrier was signed as well. The agreement wasentered into between Teekay Tankers Ltd. and the company. The consideration for the entire membership interests is US$ 154 million.Tanker Investments Ltd. intends to finance the acquisition of the four vessels with existing cash balances and by drawing a portion of the company’s new US$ 200 million revolving credit facility, which is expected to be finalized in May 2014.“The investment in the VLCCs is an opportunistic addition to the Company’s tanker portfolio timed to take advantage of expected rally in VLCC freight rates and assets prices that the Company believes may occur earlier than other segments. The coated Aframax investment provides Tanker Investments with optionality to trade these ships in the crude or clean products trade,” the company commented in a release.Press Release, May 13, 2014last_img read more