Samudera Sells Two Bulk Carriers

Singapore-listed Indonesian shipowner Samudera Shipping has sold its two modern but loss-making supramax bulkers.

The regional container shipping line said in a stock exchange announcement that  its subsidiary, Foremost Maritime Pte. Ltd., has entered into memorandums of agreement to sell Sinar Kutai and Sinar Kapuas.

Both Sinar Kutai and Sinar Kapuas are Singapore flagged bulk carriers. They are sister vessels with capacity of 57,334 deadweight tonnage. Both Sinar Kutai and Sinar Kapuas were built in 2011.

"Sinar Kutai and Sinar Kapuas will be sold to two separate purchasers. Both purchasers are unrelated third parties to the Group. The purchasers have requested that their names not to be announced until Sinar Kutai and Sinar Kapuas are delivered to them on completion," it said.

Samudera Shipping expects to pocket cash net proceeds of $20.25m from the sales.

"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 disposal of Sinar Kutai and Sinar Kapuas will enable the Group to redeploy its capital for more suitable ships and other commercial activities," the statement said.