Vietnamese newcomer Asia Pacific Shipping has sold two product tanker newbuildings to CSSC (Hong Kong) Shipping for $105.3m in a sale-and-leaseback deal.
The Nguyen Quynh Anh-backed shipowner will take the pair back on bareboat charters for a total of 10 years at a cost of $128.7m.
CSSC Shipping said it is due to take delivery of the unspecified tankers in September and December 2026.
CSSC Shipping, which is the leasing arm of China State Shipbuilding Corp, did not disclose where the ships are being built.
Upon expiration of the charter period, Asia Pacific Shipping is obliged to purchase the vessels from the leasing company at a consideration agreed by the two parties.
The shipyard-affiliated leasing company said the two product tankers have an aggregate value of $131.7m, which is “equivalent to the aggregate shipbuilding price of the vessels pursuant to the relevant shipbuilding contracts”.
Hanoi-based Asia Pacific Shipping was founded in 2021 by a team of ship, crew and vetting managers backed by Vietnamese investors.
The company, which has a fleet of 21 ships, describes itself as “one of the most rapid-growing shipowners and technical managers in Vietnam”.
Its fleet includes bulkers, general cargo vessels, small gas carriers and a selection of handysize and oil/chemical tankers, according to its website.
Its client base is said to include Maersk Tankers, Lauritzen Bulkers, Western Bulk, Lightship, Weco Bulk and Mitsui & Co.
CSSC Shipping, which listed in Hong Kong via an IPO in June 2019, has a fleet of 151 vessels, of which 128 vessels are under lease and 23 are under construction.
