The 1982-built, 8,936 cu m LPG/C gas carrier Norgas Victory, 42.5% owned by Norwegian company IM Skaugen, is to be sold for US$10.05m. The Norgas Victory is the only non-ethylene capable semi refrigerated gas carrier in the Norgas fleet. The sale, the company says, will give it a realised gain, on a 100% basis, of about US$3.4 million in Q1 2007. Skaugen says that the ship will complete its current charter by the end of December, and thereafter enter into minor classification related repairs before being delivered to the new owners in early January 2007.
In a statement Skaugen says: “The sale of the vessel, that is built in 1982 and thus is now of 24 years of age, will enable us to satisfy our conditions to carry out the ongoing fleet renewal program of Norgas by the construction of up to 16 new gas carriers for delivery from January 2007 and onwards.”
It adds: “The first new vessel will be delivered in early January 2007 and it is a 3,200 cu m pressurized gas carrier and will fly the Singaporean flag. This is the first ship to be built by Skaugen Marine Construction (SMC) in China and under our management. The SMC was created to build our own ships at a lower cost than our competitors and we do this by the use of various subcontractors in China and some of the key ones are partly owned by our Company. This new ship will be delivered at the expected cost of USD 7.5 mill and this is a good first delivery for SMC on the 16 gas carrier program for fleet renewal and expansion.”