China’s Tianjin Southwest Maritime (TSM) has taken a hefty 100% profit on the sale of a secondhand VLGC that it bought eight months ago.
According to market sources, the 78,500-cbm Gas Sapphire (built 1995) has been sold to a low-profile owner, Billion Gentle, for $17m.
TSM acquired the gas carrier from South Korea's SK Shipping for $8.5m in August, then known as G Commander.
Maritime Strategies International and VesselsValue estimate a VLGC of the Gas Sapphire's characteristics to be worth between $11.2m and $14.1m.
Low profile
Little is known about Billion Gentle, which has renamed the vessel Sea Sapphire.
TSM could not be immediately reached for comment, and there is no phone number listed for Billion Gentle.
TSM is the shipping arm of Wideshine Enterprise, which is part of the Wideshine Group.
It broke into the VLGC sector in mid-2013 with a secondhand purchase and an order for its first large gas carrier newbuilding.
According to VesselsValue, TSM now has a trading fleet of 24 vessels: five VLGCs, 11 fully pressurised gas carriers of between 1,100 cbm and 5,300 cbm, one 22,000-cbm semi-refrigerated LPG carrier, and seven asphalt and bitumen carriers.
The company contracted state-owned Jiangnan Shipyard to build a 86,000-cbm, LPG-fuelled VLGC early this year for delivery during the second half of 2021. The deal includes one option.
TSM has a sister company in Guangzhou, Sinogas Management. The outfit is the commercial operator of its VLGCs.
