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Malaysia International Shipping Corporation Bhd paid Singapore-owned Neptune
Orient Lines US$41.4m last year from an earn-out clause in its sale of
American Eagle Tankers in 2003.
MISC paid NOL an additional US$41.4m for the tanker operation after AET
achieved certain performance milestones, NOL said its latest annual report.
When NOL sold American Eagle to MISC in 2003, the contract included an
earn-out clause whereby the Singapore company would receive additional
payments from MISC should charter rates average over US$28,000 daily in
three periods. |
