Endo Group has sold medium-range marine vessel Endo Breeze to a third party, its subsidiary Endo Finance plc announced on Tuesday.
The sale came into effect on 30th December 2022 for the sum of $14.1 million (€13.4 million).
The vessel was previously owned by Endo Two Maritime Ltd, and its acquisition was financed through part of the proceeds of the issue of the €13.5 million 4.5 per cent unsecured bonds 2029. Endo Breeze is a chemical and oil products tanker which was built in 2003 and is registered with hull (IMO) number 9239977.
Endo Finance stated that the group intends to utilise the proceeds from the sale to acquire a replacement vessel/s to “continue to strengthen” its existing fleet of marine vessels “in line with its current operating model”.
It also confirmed that part of the consideration from the sale of Endo Breeze equivalent to the original acquisition value (€11.2 million) is to be held by its custodian GVZH Trustees Limited on escrow “until such time as a replacement vessel/s is/are identified and acquired”.
Endo Finance added that the group will issue further announcements related to the acquisition of the replacement vessel/s “in due course”.
Headquartered in Malta, Endo Group consists of Endo Ventures Ltd as the parent company, along with Endo Finance plc, International Fender Providers Ltd, Endo Properties Ltd, and Endo Tankers Ltd as its subsidiaries. Through its portfolio of companies, the group acquires, finances, manages, and charters commercial vessels, as well as provides ship-to-ship and mooring master services.
