NGL completes disposal of Ocean Forte and Ocean Ambition dry bulk vessels

NGL confirms that it has now completed the sale of the panacore vessels (namely, Ocean Ambition, Ocean Forte, Ocean Integrity and Ocean Vision) for an aggregate consideration of approximately US$95 million, allowing the Group to retire in aggregate approximately US$63 million of debt and receiving in aggregate net proceeds of approximately US$32 million. The aggregate book value of the panacore vessels is approximately US$94 million and the aggregate gain on disposal is approximately US$1.4 million.

NGL refers to:

• The announcement dated 15 June 2018 (the ‘Ocean Forte Announcement’) made in connection with the proposed sale by NGL’s indirect wholly-owned subsidiary, Core Forte Limited, of a kamsarmax dry bulk carrier vessel to Aeolian Spirit Shipping Limited (the Ocean Forte Buyer), in accordance with the terms and conditions of the memorandum of agreement dated 15 June 2018 between Core Forte Limited, NGL, Transmed Shipping Limited and the Ocean Forte Buyer (the Proposed Ocean Forte Disposal).
• The announcement dated 22 June 2018 (the ‘Ocean Ambition Announcement’, and together with the Ocean Forte Announcement being the ‘Announcements’) made in connection with the proposed sale by NGL’s indirect wholly-owned subsidiary, Core Ambition Limited, of a kamsarmax dry bulk carrier vessel to Fairmyl Shipping Limited (the Ocean Ambition Buyer), in accordance with the terms and conditions of the memorandum of agreement dated 22 June 2018 between Core Ambition Limited, NGL, Transmed Shipping Limited and the Ocean Ambition Buyer (the ‘Proposed Ocean Ambition Disposal’, and together with the Proposed Ocean Forte Disposal being the ‘Proposed Disposal of Vessels’).

Read the article online at: https://www.drybulkmagazine.com/shipping/20092018/ngl-completes-disposal-of-ocean-forte-and-ocean-ambition-dry-bulk-vessels/