General Maritime has announced that it has agreed to acquire five very large crude carriers (VLCCs) built between 2002 and 2010 and two Suezmax newbuildings from companies affiliated with the Metrostar Management Corporation for an aggregate purchase price of approximately US$620 million.
The acquisition is subject to financing conditions and the completion of customary documentation and closing conditions.
The seven double-hull vessels should be delivered to General Maritime between July 2010 and April 2011. Following the completion of the acquisition, the company expects to own a fleet of 38 double-hull tankers. The fleet would consist of seven VLCCs, thirteen Suezmax tankers, twelve Aframax, two Panamax and four handymax product tankers, with an aggregate carrying capacity of approximately 6.0 million DWT.
