Ferrexpo to sell Iron Destiny transshipment vessel for $ 100 million

Swiss mining company Ferrexpo, whose main interests are related to Ukrainian iron ore assets, has announced an agreement to sell its transshipment vessel Iron Destiny for a net cash consideration of $7.7 million, while continuing to explore financing options to support its short-term liquidity position.

The company said the sale of the vessel is expected to be completed later this month, subject to normal closing conditions.

Since the beginning of the war, Ferrexpo has not been able to fully utilize Iron Destiny as a transhipment unit, while continuing to incur ongoing maintenance and capital costs to keep the vessel operational.

Given the limited use, rising costs, and approaching life of the vessel, the company decided to proceed with the sale in order to ensure an immediate cash flow and reduce future costs.

The cash runway has been extended until August 2026

Based on the expected proceeds from the transaction, the company estimates that it has expanded its net available cash runway from the end of June 2026 to approximately the end of August 2026.

This assessment continues to depend on factors including iron ore price volatility, energy costs and operating conditions, as well as potential regulatory or legal changes affecting the groupRaising capital is considered as the most viable option

Ferrexpo has confirmed that it is actively evaluating financing alternatives and