IM Skaugen secures leaseback deal

Marine transportation services company, IM Skaugen will sell then lease back the 8,500 cu m LPG/Ethylene carrier, Norgas Petaluma
IM Skaugen secures leaseback deal
Norgas Petaluma

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."

XXX

by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

Tracker Pixel for Entry