In a bourse filing on June 3, Mainboard-listed Samudera Shipping Line announced that it has signed agreements to dispose of two vessels — MT Sinar Malahayati and MT Sinar Mendawai — for a cash consideration of US$22.95 ($29.5) million. The transaction was undertaken on a willing-buyer willing-seller basis.
The company will receive 10% of the sale price within three banking days of the execution of the memorandum of agreement and the balance on the delivery of vessels. The identity of the buyer is undisclosed.
The filing shares that the book value of the vessels as at Dec 31, 2025, was US$21.0 million while their market value was approximately US$25.0 million, determined by an independent valuer commissioned by the firm, on a willing-buyer and willing-seller, charterfree basis, as at March 27.
Samudera estimates gain on disposal of approximately US$1.3 million, after taking into account estimated transaction costs and before tax.
The firm says that the disposals are part of its ongoing fleet management and capital allocation strategy. It believes the disposals present a “favourable opportunity” to realise the value of the vessels.
Net proceeds, after loan repayment, from the transactions will be applied towards general working capital and may be redeployed for fleet renewal or other investment opportunities.
See also: Mermaid Maritime enters JV to reactivate vessel
The MT Sinar Malahayat was built in 2006 and has gross tonnage of 12,105 tonnes while MT Sinar Mendawai is two years younger with gross tonnage of 11,590 tonnes.
Both vessels are employed on existing time charters. Each vessel will be delivered to the buyer with the applicable time charter, and a charter party novation agreement will be entered into among the buyer, the seller and the charterer prior to or upon delivery.
Assuming the transactions were completed before Dec 31, 2025, net tangible assets would increase to US$1.1583 from US$1.1559 per share as at end-December 2025.
If the deals were completed on Jan 1, 2025, earnings per share for FY2025 ended Dec 31 would decrease to 13.86 cents US from 14.26 cents US.
Shares in Samudera are down 0.5 cents, or 0.5%, to 97 cents at around 12pm on June 4.
