The value of the 18 shuttle tankers of Altera Shuttle Tankers acquired by the Angelicoussis Group, recently renamed Maran Shuttle Tankers (MST), amounts to 1.5 billion dollars.
This is the major shipping deal of 2024, which was completed on January 16, 2025, and ranks the Angelicoussis Group among the leaders in the management of tankers that can load oil from offshore platforms in the world.
The company ended 2024 with revenues of 500.1 million dollars, at about the same level as 2023, when it showed revenues of 506.2 million dollars.
It also recorded marginal profits of 159,000 dollars in 2024 against losses of 43.2 million dollars in 2023.
The company’s adjusted EBITDA increased to 60 million dollars in the three-month period that ended December 31, 2024, compared to 48 million dollars in the same period last year.
Adjusted EBITDA amounted to 243 million dollars in 2024 compared to 221 million in 2023.
Buy back of bonds
After the completion of the acquisition, the first move was the buy back of two bond issues on the Oslo Stock Exchange, of its newly acquired subsidiary Maran Shuttle Tankers (MST), at a total cost of 380 million dollars.
According to an announcement to the Oslo Stock Exchange, the company exercised the right to early repayment of the following bonds:
180 million dollars, maturing in December 2025, at 102% of the nominal value and an interest rate of 9.5%.
200 million dollars, maturing in March 2028, at 108% of the nominal value and an interest rate of 9%.
