Noble Group
Noble Group Logo. Reuters

Embattled commodities trader Noble Group on Wednesday said it would sell four of its Kamsarmax dry bulk carrier vessels for US$95 million, as part of its debt reduction plans.

Net proceeds to the group, following repayment of bank loans associated with the vessels and other costs, will amount to about US$30 million.

The vessels are currently operated as part of Noble Group's Freight business, however, the proposed disposal will not significantly impact the operations of its freight business, the company said in a regulatory filing.

The proposed disposal of the vessels is subject to approval by Noble shareholders and also by the board of directors of each of the buyers and the parent company of the buyers for the acquisition of the vessels.

The disposal is expected to close between March 10 and May 31 next year.

Noble has called for a special general meeting on December 15 for the purpose of obtaining approval for the proposed disposal of its Americas-focused oil liquids business Noble Americas Corp.

The Hong Kong-based firm, which is in talks with investors to address its deteriorating financial position, has been forced to shrink its business, exiting loss-making and non-core operations in order to survive.

Noble Group shares gained 7.5 percent at S$0.16 on the Singapore Exchange.