HALIM Mazmin Bhd's subsidiary OHM Bulk Services Sdn Bhd has disposed of its vessel, Meridian Sun, to Liberia-based Renaissance Enterprises Inc for US$1.99 million (US$1 = RM3.80) in cash to repay its bank borrowings.

 
Fourteen year-old Meridian Sun is a 4,574 deadweight tonne product tanker built in 1990 by Atlantis Shipyard Pte Ltd, Singapore. It is a Malaysian-flagged vessel with Labuan as the port of registry, plying the Peninsula Malaysia/East Malaysia coastal route. As at December 31 2003, the cost and net book value of the vessel was RM15 million and RM5.1 million respectively. Halim Mazmin expects the vessel to incur higher repairs and maintenance costs as its age increases. Accordingly, this sale will enable the company to capitalise on the current relatively firm market for older product tanker tonnage.