A new shipping entrant from Saudi Arabia has financed its debut order with CSSC Shipping Leasing in Hong Kong.
UK shipbroker Clarksons reported that Pearl Petrochemical is selling three dual-fuel VLGCs for $180.4m en bloc, with bareboat charters back.
The order has not previously been reported and was placed in November last year at Jiangnan Shipyard in China.
The 93,000-dwt LPG and diesel-fuelled vessels are due in 2024.
Pearl Petrochemical is not listed with any other operational or newbuild vessels.
CSSC Leasing, controlled by government-owned China State Shipbuilding Corp, is listed with four VLGCs in its huge mixed fleet.
One is fully owned and operated, while the other three are leased back to Tianjin Southwest Marine.
Fearnley Securities said on Friday that after a sharp increase in VLGC freight rates caused by congestion in the Panama Canal and strong US Gulf exports, earnings have stabilised at $137,000 per day.
Four vessels have been booked already for December loadings in the Middle East, which is unusually early.
This points to a continued strong market moving forward, the investment bank believes.
Cargo ships auctioned off on the cheap
Another Chinese sale-and-leaseback specialist, ICBC Leasing, is reported to have sold off three general cargo ships at auction.
The 8,185-dwt Ju Hang 666, Ju Hang 777 and Ju Hang 999 (all built 2011) were said to have gone for a rock-bottom $2.06m combined.
The trio was built at Xiangli Shipbuilding in China.
Unknown Chinese interests were reported as the buyers.
