Teekay Orders Aframax Tankers

Teekay Shipping entered two agreements to construct a total of six 105.000 dwt high specification Aframax tanker newbuildings. Four conventional Aframax tankers and two purpose-built lightering ships have been ordered from Hyundai Heavy Industries and Tsuneishi Corporation, respectively. The aggregate cost of these vessels is approximately $260 million, including construction supervision costs and capitalized interest. IHC Caland Logs $100M New Business IHC Caland reported that it had won new orders recently worth more than $100 million and would continue to meet its banking covenants. J.P. Morgan had said in October that IHC's high gearing implied the risk of a possible breach of its debt covenants. The group, whose main activity is building and operating floating production and storage platforms (FPSOs) for oil companies, also said on Tuesday that U.S. oil major Exxon Mobil Corp. would keep one of its FPSOs on a long-term lease rather than buying it as initially planned.

Meanwhile, a new FPSO has started production for Exxon Mobil offshore Angola. With this new unit, IHC subsidiary SBM now has 13 FPSOs under lease and operating contracts with three new ones under construction, the company said.

Maritime Reporter Magazine, page 15, Feb 2004

Read Teekay Orders Aframax Tankers in Pdf, Flash or Html5 edition of February 2004 Maritime Reporter

Other stories from February 2004 issue

Content

Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.