Samudera Sells Tanker Duo

first_imgSingapore-based Samudera Shipping Line Limited has sold two of its oil tankers, namely, Sinar Tokyo and Sinar Bukom to PT Samudera Energi Tangguh, a subsidiary of PT Samudera Indonesia Tangguh.The sale price for Sinar Bukom and Sinar Tokyo was USD 360,000 and USD 4,500,000 respectively.The company said that it intends to utilize the proceeds from the sale for general working capital of the company and its subsidiaries.According to Samudera, Sinar Bukom is 25 years old and the company had intended to scrap it as the vessel has reached end of its useful life, and the additional dry docking cost required for operating the ship is no longer economically feasible.“By disposing it to PT Samudera Energi Tangguh, the company made a gain on disposal and also enjoyed costs saving as the company needs not have to incur the expenses of sending Sinar Bukom to the scrapyard,” the company said.Sinar Tokyo, on the other hand, has been operating at a loss and the company had intended to dispose of the vessel. As the company’s management does not foresee any improvement in the employment of the ship on international waters and is unlikely to provide positive returns in the foreseeable near future, Samudera said that the vessel’s disposal would allow the company to rationalize its financial and capital resources.last_img read more

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