IMS sells Norgas Petaluma LPG carrier to GasMar

IMS sells Norgas Petaluma LPG carrier to GasMar

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

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