Noble Soon to Finalize Sale of Kamsarmax Duo

Business & Finance

Hong Kong-based commodities trader Noble Group expects to complete the disposal of its Kamsarmax vessels soon, with aggregate proceeds of around USD 95 million.

Illustration. Image Courtesy: Pxhere under CC0 Creative Commons license

The company informed that the disposal of the vessels Ocean Ambition and Ocean Forte should be completed, in accordance with the relevant memorandums of agreement, by no later than September 30, 2018.

Upon such completions, the group will have completed the disposal of its Panacore vessels, allowing Noble to retire in aggregate USD 63 million of debt and receiving net proceeds of around USD 32 million.

Additionally, Noble informed that its underlying selling, administrative & operating expenses continue to decline, in line with expectations and the group’s cost reduction strategy. The transactions are a part of the company’s restructuring plan, approved on August 27, 2018 by company shareholders.

“We are making strong progress towards the completion of the restructuring. There has been positive momentum since we received shareholder approval to proceed with the restructuring. The company and its senior management team remain focused on completing the restructuring as soon as possible,” Paul Brough, Chairman of the company, said.

Noble is in the process of finalising the documentation required to commence parallel schemes of arrangement in England and Bermuda in order to implement the restructuring. The schemes are set to be launched by September 21, 2018.