The company contracted to sell the 2013-built medium-range tankers Leopard Moon and Leopard Sun for $21.4 million (about R315m) each on March 11, and the vessels were expected to be delivered to their new owners by April 30.
The 2009-built small tanker Breede was being sold for $6.8m in a separate deal, and it was expected to be delivered to new owners by April 30.
The proceeds, after settling debt associated with the vessels, together with cash on hand, would be used to repay the $25.8m remaining outstanding amount on the Senior Secured Credit Facility with Sankaty maturing in June 2021.
Upon completion, the refinancing or repayment of all scheduled 2021 debt maturities would have been completed.
Following these sales, the fleet would comprise of 15 handysize and 16 supramax/ultramax dry bulk carriers, and one medium range product tanker currently on bareboat charter-out.
