Osprey’s Plan “A”

Sometimes we get the feeling that the ship finance community suffers from amnesia. As an example, in May of 1997 it celebrated Osprey’s epic $944 million loan facility and one year later when there are reports that the company has sold two ships, there is talk in the market that the whole deal is unraveling and banks are pushing the company to de-lever. We don’t see it that way. We believe that Osprey’s proposed sale of two of the four Gotaas Larsen VLCCs was a deliberate plan which was a structural component of the original syndication package – which predated the Asian Flu.

Perhaps part of the confusion about Osprey’s recent activities is a result of the economic situation in Asia coupled with the fact that the company did not do as John Fredriksen did when he bought London and Overseas Freighters: buy a fleet with the express caveat that the three panamax vessels would go to Pegasus.

This is only an excerpt of Osprey’s Plan “A”

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