Noble Group Sells One More Kamsarmax

BulkerIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Noble Group has found a buyer for the second of four second-hand Kamsarmaxes earmarked for sale as part of the commodity trader’s plan to cut debt.

Specifically, the Hong Kong-based company inked a deal with Ocean Liberty Marine Limited and Transmed Shipping Limited for the sale of the 81,502 dwt Ocean Vision.

The 2015-built ship, flagged in Hong Kong, is being sold for USD 24 million, payable in cash.

The bulker is mortgaged to a financial institution and part of the proceeds from its sale will be used to pay down the owed amount.

The net proceeds arising from the sale, upon debt repayment, will be around USD 8.2 million, Noble said.

The sale is subject to the approval of Noble Group’s shareholders, with the transaction expected to be completed by June 15, 2018.

The commodity trader expects that its net gain from the vessel disposal would be approximately USD 0.2 million.

The first vessel from the quartet, the 2015-built Ocean Integrity, was sold at the beginning of March to Bianca Corporation and Primerose Shipping.

The remaining vessels, 2014-built Ocean Ambition and 2015-built Ocean Forte, are yet to find their buyers.

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