Ocean Longevity is set to dispose of its four oldest ships — three panamaxes and a handymax.
The first sale, that of the IHI-built, 42,700-dwt handymax Heng Chang (built 1997), is almost complete, subject to finalising memorandum-of-agreement terms and board approval.
An official at the Hong Kong bulker owner confirmed that the Heng Chang is close to a sale for more than $4m.
"The ship is not 100% sold yet," said the official, who added that sales of younger tonnage will only be considered when its 1990s-built vessels are sold.
Chinese interests
Three buyers expressed interest in the handymax but a Chinese offer is understood to have won. Ocean Longevity said broker reports of a sale to Vietnamese buyers were behind the times.
The ship is expected to be delivered in July or August to an undisclosed Chinese owner for international trading, as it does not meet China's requirement that imported vessels be built to Tier II emissions standards.
Ocean Longevity is also in negotiations to sell the NKK-built, 74,800-dwt panamax Fortune Lady (built 1998) and the 72,400-dwt, Sasebo-built sisterships Ocean Pride (built 1997) and Ocean Favour (built 1998).
A Middle Eastern buyer was interested in an enbloc purchase, according to the Ocean Longevity official, but the Fortune Lady's trading commitments makes this unlikely as the ship is set to discharge in about two weeks' time in the US Gulf, where its crew would not be allowed to disembark for a handover.
Ocean Longevity, which is controlled by chairman Kwai Szi Hoi (Gui Sihai), owns a fleet of 29 bulkers from handysizes up to VLOCs and a shareholding in Australia’s Brockman Mining, of which Kwai is also chairman.
