Ridgebury Crude Eyes Tanker Duo

Oslo-listed Ridgebury Crude Tankers LLC has set sights on adding more capacity to its tanker fleet by buying two second-hand tankers with its excess cash.

According to a stock exchange filing, the company will purchase two 2003-built (Sumitomo) Aframax tankers currently owned by affiliated company Ridgebury Aframax Tankers.

The vessels, which were acquired in late 2014 at a purchase price of USD 23.16 million per vessel, will be purchased by Ridgebury Crude Tankers at a below-market price of USD 20 million per vessel.

In order to purchase the vessel, the company said it wuld have to amend its Bond Agreement definition of Additional Vessels, which is currently limited to second-hand Suezmax crude tankers and Medium-Range product tankers.

“Ridgebury will seek bondholder approval for the amendment in coming weeks, and expects to purchase the first vessel during June, and the second later in the year,” the company said.

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Posted on May 22, 2015

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