Quintana in sale-leaseback deal
Quintana Maritime Ltd. said it has agreed to sell seven of its oldest Panamax ships and lease them back from Glitnir Finance AS.
The deal, which is subject to negotiation of final documentation and satisfaction of closing conditions, is expected to produce net proceeds of about $250 million for Greece-based Quintana.
The company plans to operate the ships for eight years, paying an average daily bareboat charter rate of about $12,700 for each vessel. The transaction is expected to close before the end of July. Quintana will retain commercial and technical control of the seven vessels.
“This transaction is consistent with our strategy to reduce the average age of our fully owned fleet and mitigate the residual value risk from the company’s pre-2000 built fleet,” said Stamatis Molaris, Quintana's chief executive officer.
“The combination of our decreasing leverage and significant time charter coverage will provide the company with the financial flexibility to take advantage of opportunities as they arise,” he added.