Singaporean marine group ES Group has agreed to sell an oil product tanker for $5.6 million to an unnamed third-party buyer. Its wholly-owned subsidiary ES Jewel signed a binding memorandum of agreement on May 26 to dispose of the Singapore-flagged vessel, ES Jewel.
Built in China in 2008, the vessel has a capacity of 13,654 DWT. The buyer, established in 2006, is involved in the import-export and distribution of liquid and dry bulk commodities and is purchasing the tanker for fleet expansion.
According to ES Group, the sale price represents a discount of approximately 6.7 per cent to the vessel's current market value of $6 million as of March 19, 2026.
The company said it expects the transaction to result in a net loss of approximately SG$787,000 ($613,000) after deducting estimated expenses of SG$373,000. This calculation is based on the tanker's book value of SG$7.6 million as of December 31, 2025.
Under the agreement, the buyer paid a 10 per cent deposit of $560,000 on the signing date, with the remaining 90 per cent balance of $5.04 million payable upon delivery. The delivery of the vessel and completion of the sale are scheduled to take place before July 10, 2026.
Net proceeds of approximately $5.31 million are intended by the company to be used for the repayment of loans and general working capital requirements. ES Group stated it is focused on reducing its exposure to unexpected repairs and maintenance works, whilst freeing up cash to strengthen its financial position.
