One of the smaller chemical/product tankers in the Xihe Group stable has been quietly sold to Middle Eastern interests based in Ras Al Khaimah.
The 9,000-dwt Ocean Hawk (built 2007), bearing the name Global Hawk, docked at Mina Saqr port in Ras al Khaimah, the smallest emirate in the United Arab Emirates, on Sunday.
Tanker sources in the Middle East told TradeWinds it has been acquired by a single-ship entity called New Orleans Shipping Lines but will operate in the fleet of Glory International.
The ship was reportedly sold for $3.1m.
VesselsValue suggests the deal was concluded in October, when values for such ships had reached rock bottom. It estimates the tanker is worth $4.14m today.
Maritime Strategies International puts a fair market value of $5m on the ship.
Glory International, which TradeWinds was unable to reach for comment, operates a handful of small chemical/product tankers and asphalt/bitumen carriers.
The company is no stranger to vessels previously operated by Xihe with two other 12,100-dwt product tankers in its fleet having been previously owned by Xihe and operated by sister company Ocean Tankers.
However, these ships were sold long before the two Lim-family controlled companies got into difficulties in early 2020.
They passed through other owners before being sold to entities with links to Glory International.
Sources familiar with the company say its vessels mostly trade between the Middle East Gulf and nearby countries bordering the Indian Ocean.
