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Samudera disposes of two loss-making bulk carriers

Samudera Shipping has announced the disposal of two of its loss-making bulk carriers as the company looks to redeploy its capital for more suitable ships.

The Sinar Kutai and Sinar Kapuas are sister ships both of 57,334 dwt and built in 2011. Samudera Shipping expects to pocket cash net proceeds of $20.25m from two separate purchasers unrelated to the company.

The two vessels are scheduled to be delivered to the new owners in September 2019.

Singapore-listed Samudera Shipping said the proceeds from the disposals will be used to fund potential investment in Indonesian company which provides shipping services for domestic route, and for working capital and business expansion.

“Sinar Kutai and Sinar Kapuas have contributed losses to the group for the past few years and do not fit into the planned future operations of the group. The disposal of Sinar Kutai and Sinar Kapuas will enable the group to redeploy its capital for more suitable ships and other commercial activities,” Samudera Shipping stated.

Read more: Loss-making Samudera warns of headwinds for container shipping