Singapore-based ES Group Holdings entered a binding agreement to sell a tanker through a subsidiary for a cash consideration of $4.75 million. The Singapore-flagged vessel ES Aspire will be transferred to an unrelated third party after shareholders approved a disposal mandate on April 29.
Built in China in 2008, the vessel has a capacity of 8,028 DWT. An independent valuation conducted on March 19 estimated the market value of the ship at $5 million on the basis of a "willing seller and willing buyer".
The group reported receiving a 10 per cent deposit of $475,000 on May 12 following the signing of the memorandum of agreement. The remaining balance of $4.275 million is payable upon delivery of the vessel, which the company expects to take place before June 10.
Net proceeds from the disposal are estimated to reach $4.74 million after accounting for transaction expenses of approximately SG$14,000 ($17,977). These funds are intended for the repayment of loans and general working capital requirements.
Financial records for the year ended December 31, 2025, show that the vessel generated revenue of SG$5.96 million and a profit of SG$270,000. The group expects to record a net gain of approximately SG$268,000 from the transaction.
According to ES Group, the unnamed buyer has been active in marine services and consultancy for the regional tanker market since 2016. Purchasing the vessel will help the entity enter the regional shipping market for bulk liquids, it added.