Japan’s Nissen Kaiun is believed to have sold two elderly VLGCs to a Chinese player.
However, there are conflicting reports over the identity of the buyer of the 75,000-cbm Palanimala Gas and 86,000-cbm Kailash Gas (both built 1992).
Some industry sources cited Kunlun Holdings as being the buyer, but online databases differ.
“We heard Kunlun bought them. But we do not know if it has acquired the vessels against charter contracts or has bought them for storage purposes,” said one gas market player.
Close relationship
“We understand Kunlun and Oriental Energy have a close relationship.”
Gas brokers said the Palanimala Gas has been renamed Tower Rise.
However, while VesslesValue has confirmed the name change it has listed the Palanimala Gas under the ownership of Oriental Energy and makes no mention of the Kailash Gas.
Meanwhile, Clarkson’s Shipping Intelligence Network has listed both vessels as owned by Oriental Energy but made no reference to the name change.
A Nissen official declined to comment on the reports.
The sale prices for the Palanimala Gas and Kailash Gas have been not disclosed but VesselsValue puts their market value at $11.4m and $12.3m, respectively.
An Oriental Energy executive said he was unaware his company had bought any secondhand VLGCs recently.
“We already have two 84,000-cbm newbuildings under construction at Jiangnan Shipyard and I don’t think our company needs to buy secondhand ships,” the executive added.
Fleet renewal
Sources familiar with Nissen said it sold the VLGCs as part of its fleet renewal programme.
It has five VLGC newbuildings under construction at shipyards in Japan and South Korea.
Clarksons lists Mitsubishi Heavy Industries and Kawasaki Heavy Industries as each building two vessels, while South Korea’s Hyundai Heavy Industries is constructing one unit. Nissen will be take delivery in 2020 and 2021.
