ASSOCIATED BULK CARRIERS DISPOSES OF FOUR VESSELS
The Peninsular and Oriental Steam Navigation Co. said Associated Bulk Carriers Ltd., the capsize bulk shipping venture in which it has a 50-percent shareholding, has disposed of four vessels
The four vessels sold were the 'Cotswold,' a 151,016 deadweight-tons vessels built in 1986; the 'Ormond,' 187,025 dwt built in 1986); the 'Taunton,' 186,324 dwt, 1986; and 'Zetland,' 145,905 dwt, 1985.
ABC sold the vessels to various companies under common control with Eurotower Holdings SA, which owned the remaining 50-percent shareholding in ABC. The purchasers intend to contribute the vessels to the recently formed pool of tonnage operated as Cape International, of which ABC is also a member.
The vessels, which were sold at book value, raised about $45 million.
ABC's remaining fleet comprises 11 owned and seven leased/bareboat-chartered vessels.