Samudera Shipping Disposes of Six Ships in 2016

  • Business & Finance

With the latest sale of a 2006-built containership Sinar Jimbaran, the shipping services provider PT Samudera Shipping Services, part of Samudera Indonesia, has disposed of a total of six vessels in 2016.

Besides the 6,300 dwt boxship, which was sold to Samudera Bharat, the company reached agreements to sell the 1991 and 1992-built chemical tankers Sinar Johor and Sinar Bontang, the 1981-built LPG tanker Amanah, and the deck cargo ship Sinar Demak and cargo barge Sinar Jambi, both constructed in 2006, over the period of 12 months.

Samudera Shipping said that the aggregate sale price for the vessels in question was around USD 5.73 million, adding that the proceeds from the disposals “will be utilized for working capital and business expansion.”

The 25-year-old Sinar Johor was sold to PT Samudera Energi Tangguh in the second quarter of 2016 for USD 350,000, the 35-year-old Amanah went to an unrelated third party in the second quarter of 2016 for scrapping, while Sinar Bontang fetched a price of USD 141,698.

The Indonesia-flagged Sinar Demak, Sinar Jambi and Sinar Jimbaran were sold for USD 1.6 million, USD 973,709 and USD 2.5 million, respectively.

Samudera Shipping said that the vessels were disposed as they were no longer profitable and competitive.

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