Lorenzo Shipping selling 36-year old vessel

Listed firm Lorenzo Shipping Corp. on Wednesday said it has received board approval to sell a 36-year old vessel to Coral Bay Maritime Inc. Nevis. In a disclosure to the Philippine Stock Exchange, Lorenzo Shipping said that after the sale of M/V Lorcon Mindanao, it will have a fleet of 7 vessels with a total capacity of 2317 TEUs. Lorenzo Shipping said that the memorandum of agreement it would be entering with Coral Bay provides that the buyer deposit ten percent of the purchase price into an escrow account within three banking days from the date the MOA is signed. The company did not disclose the purchase price for the vessel. Lorenzo Shipping is a fully containerized cargo shipping company that delivers goods to ports within the country. - GMANews.TV