Samudera Shipping has sold its two modern supramax bulkers as it looks to simplify its fleet composition.
Singapore subsidiary Foremost Maritime Pte sold the 57,334-dwt Sinar Kutai and Sinar Kapuas (both built 2011) for a total of $20.25m.
The Singapore-flagged bulkers were sold to two separate buyers, the Indonesian shipowner said in a statement, but it did not disclose their identities.
Independent valuations were provided by Fearnleys Asia (Singapore). However, online valuations platform VesselsValue suggest that the two ships are worth closer to $27.9m.
“The Sinar Kutai and Sinar Kapuas have contributed losses to the group for the past few years and do not fit into the planned future operations of the group,” Samudera said.
“Their disposal will enable the group to redeploy its capital for more suitable ships and other commercial activities.”
In particular, Samudera said the net proceeds from the disposal will be utilized to fund potential investments in Indonesian companies serving domestic routes as well as for working capital and business expansion.
The disposals move Samudera a step closer to being a containership pure play, but it does still have two chemical tankers and a gas carrier in its fleet.
The Sinar Kapuas hit the headlines late last year when it was detained in Honduras due to a cargo claim by a local shipper.
However, the Singapore-listed shipowner was able to secure its release in the middle of April 2019 after five months in detention.
