Ocean Tankers sells ship

Ocean Tankers Holdings Public Company Ltd (OCT) announced that it decided to sell tanker M/T Gemi at the price of $28 mln, which had been acquired by the Company for $22.9 mln resulting in a net profit of $5mln. The company decided to sell M/T Gemi taking into account the global economic crisis and in an effort to secure the shareholders’ interests realizing a net profit of $5mln and a reduction in the overall borrowing by $18.2mln, which improves its balance sheet and the economic indices (Leverage).