John Angelicoussis' Maran Tankers is buying three VLCCs that are being sold off from Xihe Holdings' interests following the collapse of sister companies Hin Leong Trading and Ocean Tankers.
Tanker market sources said Maran trumped an offer from a Chinese buyer for the 318,000-dwt Tai San (built 2009) and Tai Hung San (built 2010), as well as the 319,000-dwt Pu Tuo San (built 2011).
The Greek shipowner is said to have paid an en bloc price of $110m for the trio.
One source pointed out that the sales price may reflect provision for any future claims on the vessels, which are the three largest ships in a distressed fleet sell-off being handled by judicial manager Grant Thornton.
Cash may also have been set aside to cover such potential claims under the sales terms.
Bidding on the VLCC trio closed last week amid strong buying interest from Greek shipowners.
Brokers said at least 11 offers were made, with prices averaging in the region of $32m.
An unnamed Chinese bidder was reported to be offering $100m for the trio.
Maran Tankers has been contacted about the sales reports.
Prospective buyers are also now making offers on two clean LR2 product tankers — the 109,000-dwt Ocean Trader (built 2008) and Ocean Pegasus (built 2009).
Grant Thornton is also taking offers on two smaller tankers — the 37,300-dwt Ocean Victory (built 2002) and 50,100-dwt Bei Jiang (built 2009).
Three chemical carriers — the Chinese-constructed 9,000-dwt Ocean Lark, Ocean Hawk and Ocean Falcon (all built 2007) — are expected to come to the market shortly.
The trio is registered under Da An Shipping, one of 39 subsidiaries under Xihe Holdings.
Clarksons and Arrow Shipbroking are acting as joint exclusive brokers for the sales of all 10 vessels.
Last month, KPMG, which is acting on behalf of Malayan Bank to safeguard its interests, advertised for sale three tankers that are also owned by the special purpose vehicles (SPVs) under the Xihe Holdings umbrella.
These vessels are the 16,600-dwt chemical tankers Ocean Success, owned by An Ya Shipping, and the Ax Xing Shipping-owned Ocean Supreme (both built 2012), as well as the Xin Guang Shipping-controlled, 1,000-dwt bunker tanker Marine Topaz (built 2015).
The trio has a collective market value of $22.1m. It is not known whether the ships have been sold.
OK Lim’s Hin Leong oil trading and business empire collapsed earlier this year after he admitted he had ordered staff to hide more than $800m in losses from the company’s books.
Xihe Group comprises of Xihe Holdings, Xihe Capital and Lim’s 11 SPVs. It collectively owns a fleet of around 130 vessels, together with several product and chemical tankers that are under construction in China.
S&P brokers said Lim recently sold two 12-year-old LR2 tankers — the 108,900-dwt Ocean Lady and Ocean Odyssey (both built 2008) — to Indonesian shipowner Buana Lintas Lautan (BULL) for $20m per ship.
“It was a part cash and part shares deal between Lim and BULL,” a broker said.
This story has been amended since publication to reflect that KMPG is not involved in the sale of three chemical tankers.
