GKE sells 50% stake in LG carrier vessel to JV partner to improve cashflow in tough business

SINGAPORE (Dec 15): GKE Corporation, the integrated warehouse and logistics solutions provider, is divesting its 50% stake in a liquefied gas carrier vessel to joint venture partner Sunrise Marine for US$1.08 million ($1.46 million).

The vessel is directly owned by Ocean Latitude which, in turn, is owned by GKE’s wholly- owned subsidiary Gas Aries and Sunrise Marine in a 50:50 JV.

GKE says the proposed divestment was arrived at a willing-buyer-willing-seller basis, taking into account the value of the major assets in Ocean Latitude as well as its loss-making position amid the challenging operating environment of the oil and gas (O&G) industry.

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