Benalec unit sells sand carrier vessels

KUALA LUMPUR (Bernama): Benalec Holdings Bhd’s unit, Ocean Pacific Ltd has disposed of two sand carrier vessels, Oceanline 5001 and GT298, to Regiontrade Sdn Bhd for US$3.82mil.

In a filing with Bursa Malaysia today, it said proceeds from the disposal would be utilised for the group’s working capital and the timeframe of the full utilisation was expected to be within twelve months.

"Due to the current market environment of the domestic and regional maritime industry, there has been a softening in demand for vessels, which negatively affected the group’s vessel chartering business.

"The disposal provides an avenue to monetise the assets and crystalise the value of the vessels at a reasonable price, while at the same time improving the cash flow of the company,” it added