Blue Monarch up for grabs

[Nick the Greek]

Ultrapetrol’s sale of its last cruiseship has failed, chief executive Felipe Menendez said Thursday. “The buyer did not deposit in time, so that sale has not gone through,” Menendez said at an Oppenheimer investors conference in New York.

The Blue Monarch

TradeWinds reported in August that the Argentine owner had sold the 464-berth Blue Monarch (ex-World Renaissance, built 1966). The Nasdaq-listed company did not disclose the sale price, but it had expected to earn $8.3m in net proceeds from the deal. Ultrapetrol bought the Blue Monarch at auction in 2005 for $3.4m.

But the deal required the unnamed buyer to deposit the purchase price in a joint escrow account by 25 August. Menendez said the small cruiseship is still for sale and there are “a couple of interested candidates”. ”We think that we will be able to conclude a transaction before the year end,” he said.

If a deal does not go through, Menendez said his company plans to charter it out for next year while the search for a buyer continues. The Blue Monarch currently is trading at full capacity in the Aegean Sea cruise market. Even though the ship could continue to add to earnings, Menendez told investors that the company still intends to leave the cruise sector.

Late last year, Ultrapetrol sold its other vessel, the 17,000-gt New Flamenco (built 1972), to Club Cruises of the Netherlands.

Πηγη: Tradewinds

[Nick the Greek]

Το αρθρο εμφανιστηκε στην τελευταια εκδοση της Tradewinds, την εβδομαδα που μας περασε. Αναρωτιεμαι ποιος να ειναι ο πιθανος αγοραστης.

[aiolosii]

Κατι ακουστηκε για καζιναδες στην Κορεα μαζι με το SKY WONDER μεσα στο καλοκαιρι