Esso Eastern Marine Ltd., an affiliate of Exxon Corp., has agreed to sell four ultra-large crude carriers to Ceres Hellenic Shipping Enterprises Ltd.
The vessels are the 516,000 dwt Esso Atlantic, 516,000 dwt Esso Pacific, 457,000 dwt Esso Mediterranean, and 457,000 dwt Esso Caribbean. All are of Bermudan registry, built in 1976-77, and among the 10 largest vessels in the world.
Neither company disclosed the sale price. Industry sources, however, peg the deal at $270 million.
Ceres Hellenic, an international tanker owner and operator, operates five very large crude carriers, as well as products and chemical, combination, and dry bulk carriers.
Exxon officials say the ships are being sold because company assessments show they will not be needed in Exxon service in the foreseeable future. In addition, increased tanker charter demand has caused the market value of the vessels to rise.
The ships were laid up in 1983 due to weak oil market and reactivated in 1987-88. Since reactivation they usually have been chartered to other companies to transport crude from the Middle East to Europe and the U.S.
Two of the vessels--Esso Caribbean and Esso Mediterranean--are on charter to the Saudi Arabian company Vela until September and December of this year.
After this sale, Exxon's international fleet will consist of 66 vessels with a combined 4.8 million dwt.
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