India’s Great Eastern Shipping has offloaded another MR tanker for an attractive price in strong sale-and-purchase markets.
The Mumbai-listed owner said the 48,700-dwt Jag Pranam (built 2004) has gone to an unnamed third party for delivery in the first half of its current financial year.
The Japanese-built vessel fetched $14m, according to brokers.
This is very close to the $14.4m it paid to buy the tanker from NYK of Japan 10 years ago.
The Indian owner has effectively reaped the benefit of a decade of charters for a negligible outlay.
VesselsValue assesses the tanker as worth $17.4m, however, up from $10m two years ago.
The fleet will now be cut to 43 ships comprising 25 tankers, 14 bulkers and four LPG carriers.
In April, Great Eastern said it had sold the 46,300-dwt MR tanker Jag Pahel (built 2004) for an undisclosed price.
The ship has been renamed the Sky Dweller under the ownership of a single-ship company in the Marshall Islands.
The two vessels were among the company’s oldest, but a VLGC and another MR still date from 2002 and 2003.
Ardmore vessel acquired
In February, the owner revealed an MR product tanker purchase, its second in a matter of weeks — the 50,100-dwt Ardmore Seafarer (built 2010), which brokers reported sold for $27.2m by Ardmore Shipping.
It will be arriving before the end of June.
Great Eastern had earlier offloaded an older bulker and product tanker while bringing in the two newer vessels of the same type.
