Shailaja A. Lakshmi
Thoresen Thai Agencies Public Company reported the sale of M.V. Thor Enterprise, a general cargo vessel with a rated capacity of 42,529 deadweight ton (DWT) built in 1995.
The Vessel was sold to a company which is not a connected person of the Company by Thoresen Shipping Singapore, a wholly owned subsidiary of the Company.
Sources, quoting data provided by VesselsValue said that although Thoresen has not identified the buyer of the vessel, Thor Enterprise, renamed Asian Enterprise, was sold to India’s Hermes Maritime last month. Marinetraffic.com data also confirms the new name Asian Enterprise.
The Vessel was sold at a price of USD 5,600,000. After the sale of M.V. Thor Enterprise, the Thoresen fleet will consist of 21 vessels with an average size of 55,285 DWT and an average age of 11.24 years.
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 TSS’s Board of Directors resolved to sell the said vessel, and the proceeds from the sale is in line with the Company’s strategy to improve the efficiency of the fleet and the Company’s fleet renewal program.
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.
As the value of disposition is deemed significant, the Company discloses this disposition transaction to the Stock Exchange of Thailand for good corporate governance and transparency purpose.