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Noble to sell dry bulk carrier for US$23m

COMMODITY trader Noble Group is planning to dispose of a vessel registered in Hong Kong for a consideration of US$23.4 million to Fairmyl Shipping.

On Friday, Noble said that its indirect wholly-owned subsidiary, Core Ambition, had on June 22 entered into a memorandum of agreement with Fairmyl Shipping and Transmed Shipping for the proposed sale of a Kamsarmax dry bulk carrier.

Transmed Shipping is supposed to guarantee the performance of Fairmyl Shipping.

Among other conditions for the deal to be finalised, the proposed disposal is subject to approval by the shareholders of Noble. The group will convene a special general meeting, with details to be announced later.

The 81,616-dwt Ocean Ambition was built in 2014 and is employed to service external customers as well as Noble's internal freight requirements.

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The gain on the proposed disposal would amount to approximately US$0.7 million, Noble said.

The vessel is currently mortgaged to a financial institution and part of the proceeds from the deal will be used by the group to pay down the amounts owed under the relevant facility.

The net proceeds will be about US$8.2 million.

The deal does not impact the proposed debt restructuring under the restructuring support agreement, Noble said.

The counter closed 3.7 cents higher at S$0.141 on Friday.

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