Noble Group (NGL), along with its indirect wholly owned subsidiary Core Forte, has signed a memorandum of agreement (MOA) to sell a Kamsarmax dry bulk carrier vessel called Ocean Forte to Aeolian Spirit Shipping.

Transmed Shipping, which will guarantee the performance of the buyer, was also a signatory of the agreement.

Under the terms of the agreement, Aeolian Spirit Shipping will pay $23.79m in cash as consideration upon completion of the proposed disposal. The buyer is also scheduled to deposit 10% of the consideration with an escrow agent as security.

The transaction is subject to the approval of NGL shareholders.

Manufactured in 2015, the vessel is registered in Hong Kong and has a capacity of 81,616 DWT.

Besides serving external customers, the vessel was used to fulfil the Noble Group’s internal freight requirements. It was also included in the company’s Metals, Minerals and Ores sector for reporting purposes.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
“The sale is not expected to significantly impact the Noble Group’s freight business, which will be managed by other vessels under the NGL fleet.”

NGL stated that this proposed disposal will not affect the proposed debt restructuring under the support agreement signed on 14 March.

The sale is not expected to significantly impact the Noble Group’s freight business, which will be managed by other vessels under the NGL fleet.

Ocean Forte is currently mortgaged to a financial institution. A part of the proceeds received under the transaction will be used to pay the owed amounts.

The remaining amount, expected to be $8.4m, will form part of the assets proposed under the new entity called the ‘Asset Co’, which will be formed as a part of the restructuring process.

It can also be used to repay the facilities on other vessels of the Noble Group.