TRANSATLANTIC: TRANSATLANTIC COMPLETES VESSEL TRANSACTIONS, REDUCES COSTS AND RELEASES SEK 116 M
Rederi AB Transatlantic has signed an agreement with foreign buyers for the sale of four older forest products transport vessels that are all operated by the Transatlantic Division. The vessels Acacia (9,400 dwt) and Joh. Gorthon (8,350 dwt) have been sold and delivered. The agreement for the sale of the vessels Ingrid Gorthon and Alida Gorthon has also been signed, with delivery scheduled for the autumn of 2006. Three of the vessels, Joh. Gorthon, Ingrid Gorthon and Alida Gorthon will be chartered back for a period of 2-4 years while awaiting the delivery of new tonnage, while the Acacia was sold without a rechartering agreement.
The transaction will result in a small capital gain and a contribution to liquidity of approximately SEK 116 M. The transaction also implies that the division's vessel expenses will be reduced compared with earlier.
"The sale of these vessels is part of our fleet renewal strategy. Through the agreements on rechartering that have been signed, we have secured our capacity requirements, while also reducing our risk exposure to such factors as breakdown costs," says Transatlantic's President Håkan Larsson.
It is expected that it will be possible to place the orders for the new vessels for the Transatlantic Division later in 2006.
In the Group's European Services, 67% of the 4,500-dwt container vessel Agila (name changed to TransAgila) was acquired. At the same time, a five-year charter agreement was signed on highly competitive terms for a newly built container vessel, TransAlrek (4,700 dwt). The vessel is owned by a German shipping partnership in which Transatlantic's principal owner Blacken Rederi AB has a minority interest. The vessel replaces another chartered vessel.
Both transactions will result in a reduction in the Division's operating expenses of approximately SEK 3 M per year compared with earlier.
For further information, contact President Håkan Larsson,
Tel. +46 (0)304 - 67 47 00
"The sale of these vessels is part of our fleet renewal strategy. Through the agreements on rechartering that have been signed, we have secured our capacity requirements, while also reducing our risk exposure to such factors as breakdown costs," says Transatlantic's President Håkan Larsson.
It is expected that it will be possible to place the orders for the new vessels for the Transatlantic Division later in 2006.
In the Group's European Services, 67% of the 4,500-dwt container vessel Agila (name changed to TransAgila) was acquired. At the same time, a five-year charter agreement was signed on highly competitive terms for a newly built container vessel, TransAlrek (4,700 dwt). The vessel is owned by a German shipping partnership in which Transatlantic's principal owner Blacken Rederi AB has a minority interest. The vessel replaces another chartered vessel.
Both transactions will result in a reduction in the Division's operating expenses of approximately SEK 3 M per year compared with earlier.
For further information, contact President Håkan Larsson,
Tel. +46 (0)304 - 67 47 00