Several tankers under the control of Hin Leong Trading's Ocean Tankers subsidiary have been put up for sale as the shipowner and its trader parent go through court restructuring.
Sale-and-purchase brokers said two modern VLCCs and five LR1 product tankers are being circulated in the secondhand market.
Among the candidates are the Chinese-constructed 318,000-dwt VLCCs Wu Yi San and Chang Bai San (both built 2012).
The Wu Yi San, built at Jiangnan Shanghai Changxing Heavy Industry, is estimated to be worth between $59.1m and $60.1m, according to VesselsValue and Maritime Strategies International (MSI).
Both data providers estimate the Shanghai Waigaoqiao Shipbuilding-built Chang Bai San is worth between $57.4m and $60.1m.
LR1s not named
The names of the LR1 sales candidates are not yet disclosed but are said to include a pair of Chinese-built chemical tankers — the 34,800-dwt Ocean Lily (built 2020) and Ocean Clover (built 2019).
The ships, constructed at Fujian Mawei Shipbuilding, are estimated to be worth between $49.4m and $50.8m on the open market, according to VesselsValue and MSI.
One shipping industry source said Ocean Tankers is not selling the ships directly, as it is mainly a charterer and operator for vessels owned by sister company Xihe Group.
“Most of the vessels Ocean Tankers operates are bareboat chartered from Xihe Group. But it does own some small tugs,” the source said.
Ocean Tankers, which is the shipping arm of beleaguered oil-trader Hin Leong Trading, controls a fleet of 117 tankers of various types, and a large number of tugs, launches and other work boats.
The company, which is under the judicial management of EY Singapore, is also facing arrest writs against some of its vessels over claims of misdelivered cargoes that could reach $600m.
According to court documents, Xihe Group is owned by the Lim family that controlled Hin Leong Trading and Ocean Tankers.
Officials at Ocean Tankers were not available for comment and efforts to contact Xihe Group were unsuccessful.
Eyes on newbuildings
Meanwhile, brokers said Fujian Mawei is not banking on Ocean Tankers to take delivery of the newbuildings on order there.
The Chinese shipyard is said to be looking for buyers for a pair of 34,800-dwt product carriers and a 11,000-dwt IMO type 2 type chemical tanker that are ready for delivery.
“Fujian Mawei is selling them since the owner has not paid the remaining down payment and has not arranged to take delivery of the ships,” a Chinese shipbroker said.
An executive at Fujian Mawei played down talk that the ships could be sold, saying Ocean Tankers has shown interest in taking delivery of all its newbuildings.
Ocean Tankers ordered 20 tankers — 14 product carriers of 34,800 dwt and six chemical tankers of 11,000 dwt — at Fujian Mawei between the end of 2017 and early last year. The yard has already delivered two of the chemical tankers and two product tankers.
Eric Martin contributed to this story.
