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16 million euro loss for the sale

16 million euro loss for the sale
Metrostar will sell 2 tankers currently build at Hyundai΄s shipyards.

Metrostar will sell 2 tankers currently build at Hyundai΄s shipyards.

6 months after the cancellation of a 10 cargo ship order, Theodoros Aggelopoulos΄ Metrostar will sell 2 tankers currently build at Hyundai΄s shipyards.

The price set is lower than the price to build them.

The agreement of the Greek shipowner with the Korean shipyards on the order of two 160,000 tonnage each suezmax tankers was signed 2 years ago.

They were expected to be delivered on October 2009 and January 2010 respectively.

Metrostar went on to sell the 2 ships with a total loss of approx. 16 million euro.

The building cost of the ships was 80 million euro for each ship, and the company sold the two contracts for approx.144 million euro.

Some months ago, in the midst of the shipping crisis, Metrostar cancelled an order to build 10 handysize cargo ships, part of a total 16 bulk carriers, at Jinse Korean shipyards, after realising that the shipyard had violated part of the agreement.

Two other ships that were part of the agreement were sold to Turkish shipping company Marvel, while the other four are planned to be delivered in the second half of 2009.

In 2007, Metrostar had sold 9 capesize cargo ships to Peter Georgiopoulo΄s Genco Shipping for 1.1 billion euro.

Metrostar΄s investment programme that is underway includes the building of 7 more cargo ships in South Korean shipyards.

www.TurkishMaritime.com.tr

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