American Export Lines Agrees To Sell Two Passenger Vessels

American Export Lines, Inc. has announced that it had entered into agreements for the sale of its passenger vessels Constitution and Independence to Atlantic Far East Lines, Inc.

The sales price for the Constitution is $2,500,000, and the net proceeds remaining after satisfaction of outstanding obligations on the vessel will be approximately $1,360,000. These net proceeds are required by laws governing sales to foreign persons to be invested by American Export Lines, Inc. in further shipping activities. The sale of the Constitution is subject to the approval of the Maritime Administration.

The agreement for the sale of the Independence provides for a purchase price of $2,900,000 if legislation is passed permitting the sale of this vessel for operations under foreign registry, or $2,500,000 if such legislation is not passed and the vessel must be sold for scrap. This sale is also subject to the approval of the Maritime Administration. The net proceeds remaining after satisfaction of outstanding obligations on the vessel will be approximately $2,100,000 or $1,700,000, respectively. If the vessel is sold for foreign operation, the disposition of the net proceeds may be governed by the legislation enacted by Congress.

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