De-Leveraging – Saga Sells VLCC

Saga Tankers ASA announced Monday that it had entered into an agreement for the outright sale of its 1995-built VLCC, Saga Chelsea for $25 million net, plus the value of bunkers and lubes. While the inclusion of the latter is standard, today they have material value and are worth noting. Proceeds will be used to deleverage the company through the repayment of the related debt with any excess available to improve liquidity.

This is only an excerpt of De-Leveraging – Saga Sells VLCC

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.