Okeanis Eco Tankers Corp. Announces Sale of Three-Vessel Aframax/LR2 Fleet
Okeanis Eco Tankers Corp. (the “Company”) announces that it has signed a memorandum of agreement for the sale of its Aframax/LR2 fleet comprising three vessels (Nissos Therassia, Nissos Schinoussa, Nissos Heraclea) all built in 2015 at H.H.I. South Korea to an unaffiliated third party for a total of $120.75 million. The sale is anticipated to be completed upon delivery of the final vessel to her new owners by latest October 2021.
Following a thorough evaluation of the Company’s net asset value based on current data points in the sale & purchase market and consistent with its Discount Control Mechanism, the Board of Directors (the “Board”) deemed that the magnitude of the Company’s discount to its intrinsic value on both an absolute and relative basis exceeded the acceptable threshold at this point in the tanker market cycle. Furthermore, the sale will remove debt maturities through 2025, reduce the already industry-low average age of the Company’s fleet and improve its emissions performance. The Company calculates that its Aframax/LR2 fleet will have generated a cumulative return on equity of 30% since the Company’s listing on the Euronext Growth exchange in July 2018.
The sale is expected to generate net proceeds of approximately $45 million after repayment of the Aframax/LR2 fleet’s vessel-specific and scrubber debt outstanding at delivery. Upon completion of the sale, the Board intends to propose a shareholder distribution(s) of the majority of the net proceeds. The distribution(s) will be achieved through a write-down of paid-in capital, which requires Board approval only and is not a taxable event.
Capital Product Partners L.P. Announces the Sale of Two 9,288 TEU Container Vessels
Capital Product Partners L.P., an international owner of ocean-going vessels, today announced the sale of two 9,288 TEU container vessels.
The Partnership has entered into a memorandum of agreement for the sale of the M/V ‘CMA CGM Magdalena’ (115,639 dwt / 9,288 TEU, Eco-Flex, Wide Beam Containership built 2016, Daewoo-Mangalia Heavy Industries S.Α.) and the M/V ‘Adonis’ (115,145 dwt / 9,288 TEU, Eco-Flex, Wide Beam Containership built 2015, Daewoo-Mangalia Heavy Industries S.Α.) to an unaffiliated third party for a total consideration of $195.0 million. Delivery of the M/V ‘CMA CGM Magdalena’ and the M/V ‘Adonis’ to their buyer is expected in May and July/August 2021, respectively. The carrying value of M/V ‘Adonis’ and the M/V ‘CMA CGM Magdalena’ at the end of the first quarter of 2021 was $72.7 million and $71.7 million, respectively. The Partnership expects gross cash proceeds from the sale after repaying outstanding debt of approximately $97.6 million.
Sale of vessel Polar Queen
GC Rieber Shipping has entered into an agreement to sell the IMR / Walk-to-Work vessel Polar Queen, built at Freire Shipyard in 2011.
The gangway onboard the vessel is excluded from the sale and will remain an asset for GC Rieber Shipping’s vessels.
The sale is expected to be completed in March 2021 and will result in a positive liquidity effect of approximately NOK 22 million after repayment of the vessel`s outstanding debt.The sale to the undisclosed buyer will see the vessel leave the offshore industry.
“This is the second sale of vessels since August 2020 and provides GC Rieber Shipping with a further strengthened balance sheet, enabling us to deliver on our strategy to develop new profitable and sustainable maritime projects”, Einar Ytredal, CEO of GC Rieber Shipping commented.
Source: GC Rieber Shipping