Petredec has fetched a better-than-expected price for a 12-year-old handysize LPG carrier.
The shipowner and gas trader has sold the 22,500-cbm Nijinsky to little-known Indonesian company Patria Nusasegara for $30.5m, according to several Western gas brokers.
VesselsValue, a UK-based online valuation platform, estimates the Hyundai Heavy Industries-built vessel is worth just $14.8m.
The ship has already been renamed Gas Amarin Jaya.
Petredec has confirmed the sale of the vessel. Patria Nusasegara could not be reached for comment on the transaction.
Though the price may seem high relative to the VesselsValue estimate, the handysize LPG carrier market is made up of around 70 vessels, the bulk of which are controlled by four main shipowners. Sale and purchase deals are infrequent, providing little to benchmark deals against.
Links to Pertamina
Brokers said the new owner has links to Pertamina, the Indonesian oil company.
With the purchase of the Petredec LPG carrier, Patria Nusasegara has moved into the gas tanker market.
The Indonesian shipowner started this year with a fleet of four small tankers and one MR tanker. In February, the company grew with the purchase of the Japanese-controlled, 105,000-dwt tanker Negishi Maru (built 2005) for $15.5m, before renaming it the Amarin Indah.
Petredec is a leading LPG players and the company has a fleet of more than 60 owned and chartered units. It moves over 10m tonnes of LPG annually.
The company also has four 22,000-cbm ethylene carriers on order at Jiangnan Shipyard in China that are costing some $50m each. They are set for delivery in 2021 and 2022.
In addition, the company is developing wholesale, logistics and downstream businesses across southern Africa.
