Thoresen sells older bulker for scrap
Thoresen Thai Agencies Public Company Limited (“TTA”) hereby reports the sale for scrap of M.V. Thor Energy on behalf of Thoresen Shipping Singapore Pte. Ltd., a wholly owned subsidiary company of TTA, as follows:
The Parties Involved:
Seller: Thoresen Shipping Singapore Pte. Ltd.
Buyer: Compass Shipping & Trading Ltd.
Relationship between Buyer and Seller: None
Details of the Asset Disposed:
M.V. Thor Energy is a general cargo vessel with a rated capacity of 42,529 DWT and was built in 1994.
General Characteristics of the Transaction:
M.V. Thor Energy was sold for scrap at a price of USD 2,719,881 (United States Dollars Two Million Seven Hundred and Nineteen Thousand Eight Hundred and Eighty One), or Baht 94,574,070 (Baht Ninety Four Million Five Hundred Seventy Four Thousand and Seventy), using a USD/THB exchange rate of 34.7714, which is the current market price.
After the sale for scrap of M.V. Thor Energy, the Thoresen fleet will consist of 20 vessels with an average size of 52,555 DWT and an average age of 11.43 years.
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.
Size of the Transaction:
The total amount received from selling M.V. Thor Energy equals to USD 2,719,881 (United States Dollars Two Million Seven Hundred and Nineteen Thousand Eight Hundred and Eighty One), or Baht 94,574,070 (Baht Ninety Four Million Five
Hundred Seventy Four Thousand and Seventy), using a USD/THB exchange rate of 34.7714. The size of the transaction equals 0.22% of the total assets of TTA and its subsidiaries as of 30 June 2016 (the total assets of TTA and its subsidiaries as of 30 June 2016 amounted to Baht 42,996,091,425).
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.
20 October 2016
Source: Thoresen Thai Agencies