Samudera Shipping Sells Supramax Duo (06 Aug, 2019)

Singapore-based Samudera Shipping has reached an agreement to sell two of its loss-making bulk carriers.

Namely, the company’s subsidiary Foremost Maritime Pte sold the Supramax bulkers Sinar Kutai and Sinar Kapuas to two separate buyers.

The 2011-built 57,334 dwt sister vessels were disposed for a total ofUSD 20.2 million and are scheduled for delivery to their new owners in September 2019.

Samudera Shipping explained that Sinar Kutai and Sinar Kapuas “have contributed losses to the group for the past few years and do not fit into the planned future operations of the group.”

The company added that the transaction would enable it to redeploy its capital “for more suitable ships and other commercial activities.”

The proceeds from the sale would be used to fund a potential investment in an Indonesian company which provides shipping services for a domestic route, and for working capital and business expansion.