Samudera offloads two tankers for $29.46m

The fleet reshuffle continues under its capital allocation strategy.

Samudera Shipping Line Ltd (Samudera) has agreed to sell two chemical tankers, MT Sinar Malahayati and MT Sinar Mendawai, for a combined $29.46m (US$22.95m), in a transaction classified as discloseable under SGX-ST listing rules.

The vessels are being sold by its wholly owned subsidiary Samudera Tankers Pte. Ltd. to an unrelated third-party buyer on an en bloc basis, with payment to be made in cash, Samudera announced.

Both vessels, built in 2006 and 2008, are currently operating under existing time charters that will continue upon delivery through charter party novation agreements.

The sale price was determined on a willing-buyer and willing-seller basis and is below an independent valuation of about $32.09m (US$25m) as at 27 March. Samudera Shipping expects to record a gain of about $1.67m (US$1.3m) after transaction costs and before tax.

The company said the disposal forms part of its fleet management and capital allocation strategy, with proceeds to be used for working capital and potential fleet renewal or investment opportunities like the company’s newly launched weekly Korea–Japan shuttle service.

The service connects Nagoya, Kobe, and Busan and marks its entry into the Northeast Asia trade corridor. The service commenced in April and was supported by committed cargo at launch.