Seroja Investments' joint venture sells Panamax vessel for $25.8m

SINGAPORE - Seroja Investments' joint venture company, Seroja-Zhushui 5 Shipping, has agreed to sell a Panamax vessel Conirma Marine for US$20.6 million. (S$25.8 million)

The buyer is a marine transportation company specialising in bulk cargoes.

The net proceeds from the sale will be used to repay bank loan which will result in interest savings and the balance proceeds will improve the cash flows and working capital of the Seroja and its subsidiaries.

The share of gross proceeds attributable to Seroja and its joint venture partner will be about US$11.22 million and US$9.43 million respectively.

The vessel was built in 2012 by Zhoushan Jinhaiwan Shipyard Co and has a capacity of some 80,000 dwt.