THHE acquired Deep Producer I, previously known as MT Laurita, in mid-2011 for US$82.5 million.
Those losses are likely to be compounded by a court auction in the United Arab Emirates this month on account of THHE’s failure to pay dry dock and related charges of US$6.2 million. The purchase, however, was highly leveraged, with THHE taking out a massive financing facility to cover 90% of the acquisition price despite not having a plan in place for the vessel to generate income.
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