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Seacor joint venture seals sale and leaseback deal for Jones Act product tanker

Seacor joint venture seals sale and leaseback deal for Jones Act product tanker

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New York-listed Seacor Holdings has announced that its Jones Act shipping jv SEA-Vista has reached an agreement to sell one of its ECO-Class product tankers for around $135m.

In a deal that is expected to be closed before the end of the year, the vessel will be leased back by SEA-Vista and bareboat chartered out to an oil major for the duration of the lease.

Proceeds from the sale will be used to pay down the subsidiaries outstanding loans and revolver, leaving it with around $130m of outstanding debt.

Seacor owns 51% of SEA-Vista with private equity firm Avista Capital Partners owning the remaining share.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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