The two vessels are currently owned by Ocean Yield under a sale leaseback arrangement, and the Company has exercised its option with Ocean Yield to effectuate the sale.
The Company will retain the vessels' operating cashflow until closing of the transaction, which is expected to take place no later than
The Company expects to recognize a net book gain of approximately
As a result of the transaction, the Company's estimated cash breakeven will be reduced with
The Board of Directors of the Company will, subject to completion of the sale, determine the allocation of the net proceeds from the transaction, which may include further debt repayments or a return of capital to shareholders.
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This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This
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https://news.cision.com/2020-bulkers-limited/r/2020-bulkers-ltd---2020----sale-of-bulk-shanghai-and-bulk-seoul,c3926557
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