Independent journal on economy and transport policy
18:53 GMT+1
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The Norwegian Tankers Saga will sell the last ship of the fleet
the Board will estimate the possible change of the activity of the society or its issolution
October 21, 2011
With the next cession of the last ship of own fleet, very large raw carrier the Agnes Saga constructed in 2000, whose sale for 30,5 million dollars will have to be approved of from the assembly of the society, the shipowning company Norwegian Saga Tankers ASA will finish the operating activity.
Tankers saga has announced that, while the operating scene was becoming more and more difficult because of the sensitive reduction of the value of the ships of the fleet and the bending of the hires, the banks who come to an agreement a credit line to the company have express asked Tankers Saga to put into effect a capital increase in order to collect new resources. The board of directors of the company has examined the estimated situation and that the capital increase could not have carried out in terms of interest for the shareholders and that, however, also with a capital increase the new capital structure however would not have been sufficiently solid in order to tackle to the perspectives of the market and the new conditions offered from the network of banks to the society. Therefore the Board of the company has decided the cession of the last ships of the fleet and to preserve the being remained investment of the shareholders.
The VLCC Agnes Saga will be delivered to the purchaser between the months of July and August of the next year, upon maturity of the chartering contract.
The board of directors of Tankers Saga has emphasized that the assumed measures have put able the company of being able to with banks respect the terms of financing contracts and not to have therefore more in course negotiations with the relative creditors to own debit.
After the approval of the sale of the Agnes Saga the board of directors will estimate the future perspectives of the company, included the possible change of the activity of the society or its issolution.
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With the next cession of the last ship of own fleet, very large raw carrier the Agnes Saga constructed in 2000, whose sale for 30,5 million dollars will have to be approved of from the assembly of the society, the shipowning company Norwegian Saga Tankers ASA will finish the operating activity.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
