Noble Sells Kamsarmax Bulker

Maritime Activity Reports, Inc.

April 1, 2018

Photo: Noble Group

Photo: Noble Group

 Singapore-listed commodity giant Noble Group (NGL)  has announced it has entered into a memorandum of agreement to sell a Kamsarmax-size dry bulk carrier to Cypriot company Ocean Liberty Marine Ltd and Transmed Shipping Ltd for US$24 million in cash.

 
The vessel, called the Ocean Vision, is currently mortgaged to a financial institution. According to sources, part of the proceeds from the sale will go towards paying down the amount owned under the relevant facility.
 
"The proposed disposal does not impact the proposed debt restructuring under the restructuring support agreement, as announced by the company on 14 March 2018," said a statement from Noble.
 
"The consideration for the Proposed Disposal shall be US$24 million payable on completion of the Proposed Disposal and will be satisfied in cash," it added.
 
Ocean Vision is registered under the flag of Hong Kong. It was built in 2015 and has a capacity of 81,502 dwt. The Vessel is employed to service external customers as well as Noble Group’s internal freight requirements. It is included in Noble Group’s Metals, Minerals and Ores segment for reporting purposes.
 
According to Business Times, net proceeds arising from the proposed disposal will be around US$8.2 million, after factoring in repayment of the relevant facility and deducting transaction costs related to the disposal.
 
The proceeds will form part of the assets of Asset Co, the new company that will come about from Noble's proposed financial restructuring. As part of the agreement, Ocean Liberty Marine will place a 10 per cent deposit in escrow as security.
 
The sale, if approved by Noble's shareholders, is expected to be finalised between April 11, 2018 and June 15, 2018.
 
Maritime Reporter Magazine Cover Jul 2019 - Cruise Vessel Design & Outfit

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News