John Fredriksen-controlled LPG owner Avance Gas is holding on to a 16-year-old VLGC that it put up for sale two months ago.
“Price expectations are not exactly being reduced. The market is firm,” company chairman Marius Hermansen said.
Market sources said Avance is seeking at least $40m for the 82,000-dwt Avance (built 2003), which currently is en route to Houston in ballast.
Seasure Shipbroking-backed valuation service VesselsValue estimates a ship of the Kawasaki Heavy Industries-built Avance's characteristics is worth $34.3m.
The VLGC is not due for special survey until January 2023.
The Avance was the first vessel in Avance Gas when it was set up in 2007 as a subsidiary of Stolt-Nielsen, before it teamed up with fellow founding shareholders Fredriksen group and Sungas Holdings.
Stolt-Nielsen bought the vessel in November 2009, when it was the Althea Gas, from Iino Marine for $52.25m.
Fredriksen company Hemen Holding is now the largest shareholder in Avance Gas, currently holding 19.5% of the shares. Chemical tanker owner Stolt-Nielsen now owns just 2.47%, while Sungas holds 8.5%.
