I.M. Skaugen and Pareto Project Finance have agreed terms pursuant to which IMS will sell the 8.500 cbm sized LPG / Ethylene carrier Norgas Petaluma to GasMar for $24.0 million.
The vessel is expected to be delivered in early December 2014, and immediately thereafter redelivered to IMS for a bareboat charter party for 5 years.
The bareboat charter party is at a fixed-rate plus a profit sharing mechanism linked to the actual Time Charter earnings of the vessel. The vessel will continue as a participant of the Norgas Revenue Sharing Pool and will be managed by Norgas Carriers.
Press Release; Image: I.M. Skaugen