Noble to sell vessels for US$95m to further pare debt

Singapore

A DAY after Iceberg Research issued another fresh attack on Noble Group, the commodity trader on Wednesday announced the proposed disposal of four wholly-owned Kamsarmax dry bulk carrier vessels, which it said was part of its debt reduction plans and strategic review announced in July 2017.

It expects to collect about US$95 million from the sale, which will be payable in cash on closing. Net proceeds to the group, following repayment of bank loans associated with the vessels and other costs, will amount to about US$30 million.…