Noble sells kamsarmax bulker for $24m

Continuing with its divestment programme to ease its financial troubles, Noble Group is selling a relatively new kamsarmax dry bulk carrier to Bianco Corporation for $24m.

The Hong Kong-flagged 2015-built, 81,499dwt Ocean Integrity was being used to service external customers as well as Noble’s internal freight requirements, it said in a stock market announcement. As at the end of 2017, the vessel was being carried on Noble’s books at $23.5m, giving the group a $500,000 gain on the transaction.

Giving its rationale for the sale, Noble said it “decided to avail itself of favourable market conditions to monetise the vessel”.

The sale will also help relieve Noble’s financial burden with net proceeds of $7.3m to result from the transaction after paying the mortgage on the vessel and relevant transaction costs.

Posted 12 March 2018

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Vincent Wee

Asia Editor, Seatrade Maritime News

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