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Noble sells four bulkers for $95m to pay down debt

Noble sells four bulkers for $95m to pay down debt

Cash-strapped commodities and shipping group Noble is selling four kamsarmax bulkers for $95m.

The Hong Kong-headquartered company is selling the bulkers Ocean Ambition, Ocean Forte, Ocean Integrity and Ocean Vision, all three years old and between 81,499 dwt and 81,616 dwt for $95m. The vessels had a book value of $94m and shipbroker valuations by Arrow and Clarksons averaged $92.5m.

Following the repayment of bank loans on the vessels and other costs Noble will have $30m which will be used to pay down debt.

Noble said the sale would not significantly impact the operations of its freight division.

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