Marine Money has concluded the collection of data for its 2008 shipping banker survey and would like to sincerely thank all who have participated. We are currently concluding work on our annual shipping portfolio league table and would like to thank the following banks for their cooperation and contribution to the development of a transparent and well-informed ship finance industry: Bank of Ireland, Bank of Scotland, Bremer Landesbank, Calyon, Commerzbank, Danish Ship Finance, Danske Bank, Deutsche Bank, Deutsche Schiffsbank, DnB NOR, Dresdner Bank, DVB, Helaba, HSH Nordbank, HVB, JP Morgan, KfW, Lloyds TSB, Natixis, Nordea and RBS. If you don’t see your bank’s name on the list, think it belongs there, and haven’t been in touch with us this weekend, please send an email to nhuvane@marinemoney.com ASAP to ensure you are included. Both survey and portfolio data will be released in the upcoming May issue of Marine Money.
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Frontline Exercises Purchase Option with Dr. Peters, Makes a Buck or Two
Frontline reported this week that they have exercised their purchase options on two vessels from Dr. Peters, the German KG house where Frontline is chartering ten ships, as shown in the table below. Front Champion and Front Century were acquired by Dr. Peters for $160 million in 1999 and placed on a ten-year charter to Frontline. Frontline has now acquired the vessels at $142 million and sold the vessels to Ship Finance International for $196 million, needless to say making a healthy profit. The market value of the ships was reported to be over $200 million. Frontline is now working at exercising another purchase option on VLCC Golden Victory, and as the tables show, they have plenty of opportunities to make more good deals.
Frontline reported this week that they have exercised their purchase options on two vessels from Dr. Peters, the German KG house where Frontline is chartering ten ships, as shown in the table below. Front Champion and Front Century were acquired by Dr. Peters for $160 million in 1999 and placed on a ten-year charter to Frontline. Frontline has now acquired the vessels at $142 million and sold the vessels to Ship Finance International for $196 million, needless to say making a healthy profit. The market value of the ships was reported to be over $200 million. Frontline is now working at exercising another purchase option on VLCC Golden Victory, and as the tables show, they have plenty of opportunities to make more good deals.
Written by:
carisk | Categories:
Equity,
Freshly Minted | January 25th, 2007 |
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