Thoresen Shipping sells bulker for scrap

By Vessels

Thoresen Thai Agencies Public Company Limited (TTA) announced on Wednesday (Jun22) the sale for scrap of M.V. Thor Wind on behalf of Thoresen Shipping Singapore Pte. Ltd., a wholly owned subsidiary company of TTA, as follows:

- Seller: Thoresen Shipping Singapore Pte. Ltd.
- Buyer: Murali Maritime Inc. Relationship between Buyer and Seller: None

Thoresen Shipping sells bulker for scrap

Bulk Carrier Thor Wind - Image: Cengiz Tokgöz

2. Details of the Asset Disposed:
M.V. Thor Wind is a general cargo vessel with a rated capacity of 39,087 DWT and was built in 1998.

3. General Characteristics of the Transaction:
M.V. Thor Wind was sold for scrap at a price of USD 2,850,163, or Baht 99,867,716, using a USD/THB exchange rate of 35.0393, which is the current market price.

After the sale for scrap of M.V. Thor Wind, the Thoresen fleet will consist of 21 vessels with an average size of 52,078 DWT and an average age of 11.60 years.

4. Benefit from the Transaction:
The sale is in line with prevailing dry bulk shipping conditions, in which older vessels become less competitive and less able to meet operating costs. The Board of Directors of Thoresen Shipping Singapore Pte. Ltd. resolved to sell the said vessel, and the proceeds from the sale is in line with TTA’s strategy to improve the efficiency of the fleet and TTA’s fleet renewal program.

5. Size of the Transaction:
The total amount received from selling M.V. Thor Wind equals USD 2,850,163, or Baht 99,867,716, using a USD/THB exchange rate of 35.0393. The size of the transaction equals 0.23% of the total assets of TTA and its subsidiaries as of 31 March 2016 (the total assets of TTA and its subsidiaries as of 31 March 2016 amounted to Baht 43,993,451,458).

When this transaction is included with other asset dispositions in the past six months, it is not subject to the Rules, Procedures and Disclosure of Information of the Stock Exchange of Thailand regarding the Connected Transactions or the Acquisition and Disposition of Assets of Listed Companies.

6. Delivery Date:
22 June 2016

Source: Thoresen Thai Agencies