Asia Energy Logistics (00351) issued an announcementplaytorocasino, on May 23, 2024, the seller (Lotus Gold Shipping Limited, an indirect wholly-owned subsidiary of the company) and the buyer (Niriis Shipping Splaytorocasino.A) Enter into a memorandum of agreement and, in accordance with the terms and conditions set out in the memorandum of agreement, the seller has conditionally agreed to sell and the buyer has conditionally agreed to purchase the ship at a consideration of:

It is reported that the ship is Clipper Panorama, a bulk carrier flying the flag of China Hong Kong. The ship has been owned by the group since April 2018 and its audited net book value as at December 31, 2023 was approximately 6,743playtorocasino.50,000 Hong Kong dollars.

The net proceeds from the sale are estimated to be approximately US$8.8462 million and are intended to be used for the following purposesplaytorocasino:(1) approximately HK$48 million was used to purchase a new ship to replace the ship and/or fund other existing business development when appropriate opportunities arise;(2) approximately HK$11 million was used to repay certain outstanding payables, which are expected to be utilized before December 2024;(3) approximately HK$3.5 million was used to repay outstanding Clipper Selo (another dry bulk carrier of the Group) dry docking charges, which are expected to be utilized before December 2024; and (4) approximately HK$6.5 million will be used to supplement the Group's general working capital, which is expected to be utilized before June 2025.