Prudential Agrees To Sell South American Shipping Operations
A tentative agreement to sell all of its South American shipping operations for about $75 million was announced by Prudential Lines, Inc., a U.S.-flag ocean carrier. The purchaser would be Delta Steamship Lines, Inc., a subsidiary of Holiday Inns, Inc.
"The proposed sale of the South American portion of our business would substantially improve our working capital," said Prudential Lines chairman and chief executive officer Spyros S. Skouras.
Completion of the sale requires review and approval by various regulatory authorities and successful negotiation of a contract.
The two Prudential divisions covered by the tentative agree- ment, the Atlantic and Pacific, operate from both U.S. coasts.
One route, with six vessels, connects the U.S. East Coast to the Caribbean, Central America, and ports on the west coast of South America. From U.S. West Coast ports, another fleet of six vessels sails around South America and to the west coast of South America.
The last trade route, from Eastern U.S. ports to Venezuela, now operates with a single LASH (lighter aboard ship) vessel that would not be sold by Prudential.
Prudential's revenues from the South American Services are about $125 million annually.
Delta serves the east coast of South America, the west coast of Africa, and certain ports in the Caribbean and Gulf of Mexico.
Delta's annual revenues are approximately $80 million.
Prudential Lines will continue to administer its Mediterranean and Mideast LASH service from its present offices at One World Trade Center.
Vessels covered by the tentative agreement are the Santa Fleet of six L-Class vessels, two Jet-Class vessels, four M-Class vessels, and two chartered liners, the Santa Ana and the Santa Rita.
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