IM Skaugen (IMS) has announced that Norwegian company, Gasmar has bought the LPG carrier, Norgas Petaluma.
In a deal that has seen IMS receive $24 million, the 8,500 cu m vessel will be leased back to the marine transportation services company.
IMS has stated that it will charter the vessel for five years at a bareboat fixed rate plus profit share.
According to a statement, the net profit from the sale is expected to be $19.2 million. IMS says it will use this money to pay down debt from the vessel.
The Norgas Petaluma is scheduled to be delivered to the buyer in December 2014. IMS added: "The vessel will continue as participant of the Norgas Revenue Sharing Pool and will be managed by Norgas Carriers."