Eitzen sells two bulkers and a gas tanker

Eitzen sells two bulkers and a gas tanker
Another sale of former Gibson tanker

Camillo Eitzen & Co ASA (CECO) announced yesterday that it has reached an agreement in principle for the sale of the two bulk vessels SIBULK DEDICATION and SIBULK INTEGRITY.

The vessels are 53,500 dwt and 55,567 dwt built in 2005 at the Imabari and Oshima shipyards in Japan. Total price for the two vessels is about USD 126 million with delivery during Q4. Final agreement is expected to be signed during this week.

The company also announced that the 1982 built 6 568 cbm LPG carrier SIGAS YARROW has been sold to Japanese interests. The vessel will be delivered to new owners during August, and will be operated by Eitzen Gas for the new owners for the next 19 months.

Axel C. Eitzen, Chief Executive Officer, says "We are happy with the sale of this older vessel for the price of USD 6.8 million, which is higher than the average broker valuations, and further that we are able to operate the vessel for the new owners for the next 19 months."

This sale, together with previously reported sale of SIGAS EILDON, represents a profit of USD 8.9 mill, NOK 1.2 per CECO share.

The SIGAS YARROW, like SIGAS ELDON was once with the fleet of Gibson Tankers of Leith.