Noble Group Finds Another Buyer for One of Its Kamsarmaxes

Hong Kong-based commodities trader Noble Group has entered into a memorandum of agreement with Bianca Corporation and Primerose Shipping for the sale of a Kamsarmax bulker.

The vessel in question is the 2015-built Ocean Integrity which will fetch Noble Group USD 24 million upon completion of the sale, expected to conclude by April 16, 2018.

The net proceeds arising from the sale after the repayment of the relevant mortgage facility and deducting the estimated transaction costs will amount to approximately USD 7.3 million.

The Hong Kong-flagged bulker has a capacity of 81,499 dwt and it is employed to service external customers as well as Noble Group’s internal freight requirements, Noble Group said.

The ship is part of a quartet Noble put up for sale in November last year hoping to raise a total of USD 95 million in order to cut debt.

The four ships are 2014-built Ocean Ambition, 2015-built Ocean Forte, 2015-built Ocean Integrity and 2015-built Ocean Vision, all registered under the flag of Hong Kong. They have an average age of three years and range from 81,499 dwt to 81,616 dwt in capacity.

In February this year, Noble Group reported that the sale had failed as proposed buyers did not receive the necessary approvals from their respective boards of directors.

The remaining three vessels remain available for sale.

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Posted on March 12, 2018

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