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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.

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Written by: | Categories: Freshly Minted, The Week in Review | September 1st, 2011 |

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