Sinokor Merchant Marine has carried out a successful asset play that will see it double its money, and it is being linked to a possible second similarly profitable sale.
Shipbrokers in the US and Europe said the South Korean shipowner has sold the 1,708-teu A Roku (built 2008) for about $14m. Regional Container Lines (RCL) of Thailand has confirmed buying the vessel.
The sources said that Sinokor's Imabari Shipbuilding-constructed sistership A Kibo has possibly changed hands for a slightly lower price. RCL is reported as the buyer for this ship as well.
Sinokor did not reply to requests for comment on the reported deals.
Sinokor purchased both ships from Japan’s Nissen Kaiun in 2020.
Brokers disagree on how much Sinokor paid for the duo, but reports range between $6m and $7.1m. Either way, the South Korean company would net a significant profit on the sales.
The profitable sales come amid rocketing asset values for containerships, which have seen surging freight and charter rates amid a capacity crunch that was only enhanced by the recent Suez Canal closure.
VesselsValue estimates that the global containership fleet is worth more than $8,920 per teu, which represents a 53.9% rise over the last year and a 4.9% jump over the last month.
Sinokor is no stranger to asset play deals.
Last year, Sinokor sold a 210,000-dwt bulker newbuilding with prompt delivery from China’s Shanghai Waigaoqiao Shipbuilding for $53m, after having ordered the ship for $51m in July 2018. John Angelicoussis-controlled Maran Dry Management was the buyer.
Sinokor has also been expanding its fleet, with 35 newbuildings on its orderbook in addition to a fleet of 135 ships on the water, according to shipping databases.
In addition, Sinokor has been clearing out its older VLOCs, in most cases former VLCCs, for demolition.
The latest of the company's VLOCs to be offloaded is reportedly the 156,000-dwt Harmony Carrier (built 1991). Sinokor purchased the ship from John Fredriksen-backed Frontline for $40.8m in November 2007, when it was the tanker Front Maple.
Eric Martin contributed to this story.
