There was an announcement made yesterday where Singapore Shipping Corp (SSC) decide to sell their 30 year old RORO pure car and truck carrier for a sum of money.
We talk about Singapore Shipping Corp in these past articles
The ship held a book value of 4.2 mil USD and they managed to sell it for 5.1 mil USD. Seems like although ships usually have a 30 year lifespan, there are still folks who want these high maintenance ships.
I felt it’s a good deal for SSC since they earned roughly 1.3 mil from Singa ACE last year and this is like getting 4 years of earnings immediately.
With the ship that was announced hush hush in the last quarterly report, that is anticipated to make up for the loss chartered income of Singa ACE. Nothing is concrete there until we see it on the financial statement.
This 5.1 mil can go towards a 6 mil downpayment for another RORO (or it could be used to finance the ship mentioned above).
A good sum to pay 1.45 years of 1 cent dividend as well.