Photo: Noble Group

Noble Group Sells Four Vessels to Cut Debt

By Aiswarya Lakshmi!!!

Hong Kong-based struggling commodity trader Noble Group will sell four dry bulk carrier vessels for about $95 million, as it looks to cut debt to keep its business running, reports Reuters.

According to company statement, net proceeds from the disposal, following repayment of bank loans associated with the ships and other costs, will amount to about $30 million.
Noble said the sale of the vessels was expected to close next year between March 10 and May 31 and would not significantly impact the operations of the freight business.
Once Asia's largest commodity trader, Noble Group's decline since 2015 has been marked by losses, concern it won't be able to pay its debt, and accusations from Iceberg it inflated the value of some contracts, said a Bloomberg report.
Meanwhile, Iceberg Research made a fresh attack on Noble Group saying that its balance sheet may still mask problems and that the company's bid to restructure its obligations won't lead to a turnaround.
In a letter addressed to Noble's creditors, the research outfit also said that Noble Group does not have good traders, that it is overly optimistic on the valuation of its remaining assets, and that the group's liabilities have been "drastically undervalued".
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