February 2, 2004
Seabulk buys foreign-flag product tankers
Seabulk International, Inc. has agreed to purchase two 48,000-dwt Panamanian-flag product tankers from principals of World-Wide Shipping of Singapore. The tankers, the World Trumpet and World Trust, are modern double-hull vessels built in 2000 at the Daewoo Shipyard in Korea and suitable for worldwide trading. Delivery of the vessels is expected in March. They will be the first foreign-flag product tankers to join the Seabulk fleet. Seabulk currently has 10 product tankers operating in the domestic Jones Act market.
"The international product market represents a new strategic direction for us," commented Gerhard E. Kurz, Chairman and Chief Executive Officer, "although it is really a natural extension of our domestic tanker business where we have been active for more than 25 years. With the flow of energy products becoming increasingly globalized, we saw an opportunity to enter the international market through the purchase of these two world-class vessels. The two vessels will be time-chartered to a major oil company or placed in an international tanker pool. Going forward, we intend to maintain our leading position in the domestic product tanker market and, at the same time, expand our presence in the international market."