Malaysia-based Jasa Merin has entered into an agreement to sell a 4,600-bhp straight supply vessel for a price of $5.93m.

Jasa Merin, subsidiary of Kuala Lumpur-listed Silk Holdings, said the sales proceed will partially be utilised to “fully retire the remaining loan on the vessel of MYR1.8m with the balance retained for working capital purposes.”

Silk Holdings said that the sale of the Malaysian flagged vessel JM Aman, built in 2004, is part of Jasa Merin's continuous ongoing fleet renewal and replacement programme.

The memorandum of agreement to dispose the vessel is expected to be completed by the end of March 2014.