General Maritime Acquires Seven Tankers

10 June 2010 (Last Updated June 10th, 2010 18:30)

General Maritime has signed a contract worth around $620m with Metrostar Management to acquire five very large crude carriers (VLCCs) and two Suezmax tankers. The crude oil tanker operator said the acquisition of the VLCCs, all built between 2002 and 2010, was expected to further improve

General Maritime has signed a contract worth around $620m with Metrostar Management to acquire five very large crude carriers (VLCCs) and two Suezmax tankers.

The crude oil tanker operator said the acquisition of the VLCCs, all built between 2002 and 2010, was expected to further improve the company’s presence in the VLCC market.

The vessels will join the company’s fleet of 38 double-hull tankers with a total carrying capacity of around six million dwt.

Nordea Bank and DnB NOR are financing $372m of the purchase price for the seven vessels.

Various alternatives are being considered to finance the remaining portion of the acquisitions, the company said.

General Maritime said the seven vessels are expected to be delivered between July 2010 and April 2011.