Samudera Shipping sells two vessels for US$23 million under fleet management, capital allocation strategy

[SINGAPORE] Samudera Shipping Line announced the disposal of two vessels as part of its ongoing fleet management and capital allocation strategy.

Its wholly owned subsidiary Samudera Tankers has entered into agreements to dispose the vessels Sinar Malahayati and Sinar Mendawai to an unrelated third-party buyer on an en bloc basis.

With an aggregate cash consideration of US$23 million, comprising a 10 per cent deposit, the collective disposal is expected to yield an estimated gain on disposal of around US$1.3 million.

Net proceeds will go towards general working capital or may be redeployed for fleet renewal and other investment opportunities, said the group on Wednesday (Jun 3).

Samudera said that the amount took into consideration each vessel’s age and condition, prevailing market values for comparable chemical tankers and the revenue potential of the vessels’ unexpired time charters.

Both vessels are employed on existing time charters at the time of the disposals, it added.

Assuming the disposals were completed on Dec 31, 2025, the group’s consolidated net tangible assets per share would have stood at US$1.1583 post-disposal, versus US$1.1559 pre-disposal.

The counter ended 1.5 per cent or S$0.015 down at S$0.975 before the news.