Noble Group Selling Four Kamsarmaxes to Cut Debt

Noble Group Commodities trader Noble Group said on Wednesday that it has inked a deal to sell four Kamsarmax dry bulk carrier vessels for a total of USD 95 million. The consideration was arrived at after arm’s length negotiations between NGL and the buyers, on a “willing buyer willing seller” basis, and taking into account, inter alia, the valuation of the vessels and the vessels’ specifications and age, Noble Group said. The vessels in question are 2014-built Ocean Ambition, 2015-built Ocean Forte,  2015-built Ocean Integrity and 215-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. The ships are employed to service external customers as well as Noble Group’s internal freight requirements. They are included in Noble Group’s Metals, Minerals and Ores segment for reporting purposes, the company disclosed. The proposed disposal of vessels is part of the companys efforts to reduce debt. The vessels are currently mortgaged to financial institutions and part of the proceeds from the proposed disposal will be used by Noble Group to pay down the amounts owned under such facilities, the company said. Once these are repaid Noble will be left with around USD 30 million. The sale is expected to be finalized between 10 March 10 and May 31, 2018, and is conditional upon the approval of Noble Groups shareholders and buyers board of directors. As informed, the sale is not expected to significantly impact the operations of Noble Groups freight business.