Indonesia’s Samudera Shipping Line has completed the sale of a series of feeder container vessels over the last 12 months as part of an effort to disposed of elderly ships that are no longer competitive.
Samudera Shipping has disposed of six box vessels for a total price of approximately $5.73m.
“The proceeds from the disposal of the vessels will be utilised for working capital and business expansion of the group,” Singapore-listed Samudera said.
Samudera said the vessels were all Indonesia flagged and under current Indonesia shipping law, the group is restricted from registering new Indonesia flagged vessels.
“The inability to acquire new Indonesia flagged vessels hampers the ability of the group to rejuvenate its Indonesia flagged vessels,” the shipowner said.
“Taking the above into consideration, the group adopted the strategic approach of disposing the vessels which were old and/or no longer competitive,” it said.
The vessels sold comprised of 25-year-old Sinar Johor, 35-year-old Amanah, 11-year-old Sinar Demak, 24-year-old Sinar Bontang, 11-year-old Sinar Jambi, and 11-year-old Sinar Jimbaran.