Major shipowner Adnoc Logistics & Services is selling its only small gas carrier as it concentrates on bigger ships.
Market sources said the Dubai-based company has sold liquid ethylene gas carrier the 9,000-cbm Yas (built 2014) to South Korea’s Dong-A Tanker for $28.5m.
The price is about $3m above valuation estimates on data platforms such as VesselsValue.
This is due to the fact that the price includes consideration for an ongoing time charter with Apex, which expires towards the end of this year.
Apex is said to have played a role in the sale, encouraging the company’s new owners to buy it.
Dong-A Tanker, which will take delivery of the ship in January, is primarily active in bulkers and tankers and has a niche gas carrier operation.
The company’s website features two such vessels on its fleet list — the 6,400-cbm ethylene carrier DL Lotus (built 2008) and the 5,000-cbm LPG carrier DL Lily (built 2011).
However, data platforms suggest these ships are no longer in Dong-A’s fleet.
S&P Global suggests that both vessels have been owned by Korea Ship Finance since July 2023. The DL Lily is listed under the commercial management of another South Korean player, Petro Plus Logistics, since April.
If that information is accurate, the purchase of the Yas would mark a return by Dong-A to the gas carrier segment.
As far as Adnoc is concerned, the Yas sale would fit with its decision switch to investing big in large gas carriers.
The company already owns large LNG and LPG carriers and also sits on a pile of VLGC newbuildings.
TradeWinds reported last week how AW Shipping — Adnoc’s joint venture with Wanhua Chemical Group — confirmed a huge $1.9bn order for up to 13 supersize ethane carrier and ammonia newbuildings at China’s Jiangnan Shipyard.
The move came after a show-stopping takeover of Navig8, uncovered by TradeWinds in January and confirmed during Posidonia last month.
As it braces for these newbuildings, Adnoc seems to be clearing out some of the older, larger gas carriers as well.
As TradeWinds reported last month, specialist brokers said Adnoc is seeking bids on the 137,500-cbm Ghasha (built 1995).
The company did not immediately respond to a request for comment.
