29 October 2010

End of the road for third Shinyo VLCC:

Fred Cheng company Shinyo International is said to have sold the 248,000­dwt tanker Shinyo Alliance (built 1991) for scrapping in India for $445 per ldt or $13.02m.

The owner bought the ship in 2002 as Tokiwa for $24.5m. The deal may have been concluded some time ago but has only just surfaced.

Shinyo has sold two other VLCCs for scrap this year, the 271,000­dwt  Shinyo Mariner (built 1991) in May for $435 per ldt and 250,000­dwt Shinyo Jubilee (built 1988) for $415 per ldt in January. Cheng earlier this year sold seven modern VLCCs to US­listed Navios Corp.

Greek owner Chandris has fetched an even higher price for its 82,000­dwt tanker Zeinat 2 (built 1986), reported sold to India for $482 per ldt or $7.1m.

Brokers say the buyer was expecting prices to climb further by December, when the ship is set to be delivered. Chandris bought the ship as Ist in 2005 for $16.75m. It is the last singlehull tanker in the company’s fleet and was operating for its Egyptian subsidiary, Pyramid Navigation.

On the dry side, a couple of Chinese­owned bulkers have been sold for demolition domestically. The 29,000­dwt Bao Yue Jia (built 1978) is said to have gone for $415 per ldt, while owner Adani Shipping has sold the 17,300­dwt Flotec (built 1982) for in excess of $400 per ldt or about $3m.

The company bought the ship as Theofano in 2006 for $5.6m.

Elsewhere, NB Maritime of Cyprus has sold the 19,900­dwt ice­class bulker  Norilsk (built 1982). It is also heading to China for $415 per ldt, which equals $4.5m.

On the boxship front, the 2,829­teu MSC Voyager (built 1980) is said to have been sold to India for a firm $470 per ldt or $6.7m.

Source: Trade Winds. Trond Lillestolen. 29 October 2010

No comments: