Thoresen Thai Agencies sells M.V. Thor Horizon, a general cargo vessel with a rated capacity of 47 111 DWT and built in 2002 for just over US$5.38 million.
"The Vessel was sold to a company which is not a connected person of the Company by Thoresen Shipping Singapore Pte. Ltd., a wholly owned subsidiary of the Company," said a press release.
After the sale of M.V. Thor Horizon, the Thoresen fleet will consist of 21 vessels with an average size of 53,491 DWT and an average age of 12.0 years.
The sale is in line with prevailing dry bulk shipping conditions, in which older vessels become less competitive and less able to meet operating costs. The TSS’s Board of Directors resolved to sell the said vessel, and the proceeds from the sale is in line with the Company’s strategy to improve the efficiency of the fleet and the Company’s fleet renewal program.
When this transaction is included with other asset dispositions in the past six months, it is not subject to the Rules, Procedures and Disclosure of Information of the Stock Exchange of Thailand regarding the Connected Transactions or the Acquisition and Disposition of Assets of Listed Companies
. As the value of disposition is deemed significant, the Company discloses this disposition transaction to the Stock Exchange of Thailand for good corporate governance and transparency purpose.