SG brief: Atlantic Navigation Holdings

Atlantic Navigation Holdings (Singapore) said Friday it has accepted an offer to sell its vessel, AOS Honour, to Middle East-based unrelated third party, Al Rafedain Marine Services, for US$1.0 million.

The vessel, a 45-meter-long utility offshore vessel, has a net book value of around US$1.3 million as of end-March, the company said in a filing to SGX.

“The vessel is beyond 15 years of age which is typically the cut-off age suitable for chartering by international oil companies or contractors. Apart from about 16 days being on-contract in August 2021, the vessel was largely out of contract since December 2020 to-date, with limited imminent prospects for chartering under discussion while operational costs will continue to be incurred if not for the disposal,” the company said.