Livestock exporter Wellard Limited has announced it will sell off one of its vessels to help pay off debts of more than $16 million.
The livestock vessel, Ocean Outback, can transport 6,000 cattle and 25,000 sheep, or a combination of both and is one of a fleet of five owned and operated by Wellard.
Ocean Outback was built in 2010 for a cost of more than $40 million.
In a statement to the Australian Securities Exchange on Thursday morning, Wellard confirmed it had signed a binding Memorandum of Agreement to sell the vessel to Israeli company Dabbah Slaughterhouse for approximately $34.9 million.
Wellard has stated the sale of the Ocean Outback will generate approximately $16.3 million to reduce debt and $18.2 million cash on hand.
A further…
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