News - page 2

Ridgebury Tankers completed a successful delivery today and adds VLCC Ridgebury Utah to its fleet.

Ridgebury Alina L Loads Inaugural Cargo from FPSO John Agyekum Kufuor:

Ridgebury Tankers’ vessel Ridgebury Alina L safely completed the inaugural loading from FPSO John Agyekum Kufuor (JAK FPSO) on August 27, 2017.  JAK FPSO is part of the Ghana Offshore Cape Three Points (OCTP) Development Project and was commissioned in July 2017.  The cargo of 1 million barrels Sankofa Crude Oil is destined for a port in Spain.

The 2001 HHI Ulsan-built Suezmax tanker was acquired by Ridgebury in May 2016.

Ridgebury Tankers is pleased to welcome Brian Huvane to the Operations team and Sergiy Bondarenko to the Engineering team.

Brian joins Ridgebury with an extensive background in the industry, he most recently was with Principal Maritime serving as Manager of Commercial Operations. Brian will continue as Operations Manager at Ridgebury.

Sergiy joins Ridgebury with extensive Technical Management experience, he most recently was with Svitzer Carribean and V Ships. Sergiy will serve as Technical Superintendent at Ridgebury.

We are pleased to have Brian and Sergiy on board.

John Vlahakis , a graduate of SUNY Maritime College, has joined the Ridgebury team as a Superintendent. John was most recently with Harley Marine Services and US Shipping Corporation. We are pleased to have John on board.

Westport, October 4 – Ridgebury Crude Tankers announced today its intention to redeem the full remaining outstanding amount of the Senior Secured Bond listed on Nordic ABM. Issued in March 2014 with an initial principal amount of $210 million, the bond proceeds were key to financing the acquisition of a seven vessel Suezmax fleet. Since issuance, Ridgebury has used cash flow from vessel operations to acquire three additional ships and to prepay $30 million in bond principal.

The remaining $180 million outstanding principal will be redeemed at a price of 101.333% plus accrued interest, as provided for in the bond agreement, with settlement expected on or about November 17, 2016.

Speaking for the company, Ridgebury CEO Robert Burke said, “We are grateful to the many investors in this bond who were willing to believe in Ridgebury and support us during a critical phase of our growth. As our first foray into the capital markets, this bond issue was a transformative event for us. The solid structure allowed it always to trade at or above the issue price, even during times of market turmoil, and we are pleased now to close out a very good investment for our bondholders. ”

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The award recognizes outstanding entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance, and personal commitment to their businesses and communities. Robert Burke won the award in the Distributions and Logistics category, and was selected by an independent panel of judges. The award was presented at a special gala event at the Marriott Marquis on June 22, 2016.

Last night Lloyd’s List presented its North American Maritime Awards at Pier Sixty in New York. Ridgebury Tankers was awarded Deal of the Year- Congratulations.

Today Ridgebury Tankers took delivery of the Ridgebury Alina L, a 2001 HHI Ulsan-built Suezmax tanker. The addition of the Alina L brings the Ridgebury fleet to 20 vessels.