Aboitiz Transport System Corp.
, the transportation arm of Cebu-based conglomerate Aboitiz Equity Ventures Inc. (ABTZY)
, is selling two vessels for $39m, with the first already delivered to the buyer, Pacific Asia Shipping Co. Ltd.
, a Marshall Islands-registered company.
The company, in a disclosure to the stock exchange, said the delivery of the vessel formed part of the memorandum of agreement it entered with Pacific Asia Shipping regarding the sale of SuperFerry 17 and SuperFerry 18.
The delivery of the second vessel is scheduled in the first quarter of 2007, the company told the stock exchange.
To ensure continued operations, the company has brought back its SuperFerry 19 vessel it chartered out earlier this year.
The company is also expecting its other vessel, Our Lady of Medjugorje, to resume service operations as it completes drydocking.
Source: Standard Today