Samudera Wants to Dispose of 5 More Ships

Singapore-based Samudera Shipping Line is pushing forward with fleet renewal plans and disposal of Indonesia-flagged ships.

Namely, in its latest update, the company said that it has added three more ships to its sale list.

The ships in question are 1994-built Sinar Labuan of 3,519 dwt, 2006-built Sinar Agra of 11,244 dwt and 2006-built Sinar Busan of 10,600 dwt.

All three ships are Indonesia-flagged chemical tankers.

The trio joins two more ships earmarked for disposal in April 2017 as part of a batch of six vessels.

The remaining ships yet to be sold are 378 TEU containership Sinar Jepara and 287 TEU containership Sinar Ambon.

The disposal mandate approved by the shareholders last year needs to be renewed at this year’s extraordinary general meeting, at which the disposal of the three additional chemical tankers should be approved as well.

The meeting is scheduled to be held on April 25, 2018.

Samudera Shipping said the proceeds from the sale would be used for working capital and business expansion of the group.

Under the current Indonesian shipping law, the company is restricted from owning and registering new Indonesia-flagged vessels. Therefore, the company decided to gradually sell or scrap Indonesia-flagged vessel.

Once these vessels are disposed of, the group plans to stop providing shipping services for domestic route within Indonesia.