Courage Marine Group Limited said on Monday that its subsidiary has agrred to sell a handymax vessel for about US$5.25 million in cash to Milliford DG Corporation (MDGC), a scrapyard operator, The Businesstimes reports.
As of Sept 30, 2011, the 48,000 dwt vessel, MV Zorina, has a net asset value of US$8.33 million.
'The disposal is for demolition and this provides a good opportunity for the group to generate cash which is intended to be used for general working capital and for funding any future acquisition of further vessel when suitable opportunity arises,' Courage Marine said.
The vessel will be delivered between Oct 8 and 25, with cancelling date of Oct 25 in MDGC's option.
As of Sept 30, 2011, the 48,000 dwt vessel, MV Zorina, has a net asset value of US$8.33 million.
'The disposal is for demolition and this provides a good opportunity for the group to generate cash which is intended to be used for general working capital and for funding any future acquisition of further vessel when suitable opportunity arises,' Courage Marine said.
The vessel will be delivered between Oct 8 and 25, with cancelling date of Oct 25 in MDGC's option.