Indonesian shipowners look to be taking advantage of firm prices for large LPG carriers to offload a pair of veteran VLGCs.
Brokers say Patria Nusasegara has sold the 82,300-cbm Victoria Lyra (built 2008) to undisclosed interests for around $60m.
It purchased the Hyundai Heavy Industries-built former Clipper Sun from Norway’s Solvang in June 2021 for $48m, according to VesselsValue.
The disposal leaves Patria Nusasegara with a single VLGC — the 80,791-dwt Gas Felicity (built 2008) — which was acquired from Greece’s Latsco in April 2021 for a reported $47.5m.
Brokers also say Soechi Lines has sold the 78,499-cbm SC Commander LVII (built 1999) to undisclosed buyers for a reported $43m.
The Jakarta-based shipowner reportedly acquired the Mitsubishi Heavy Industries-built vessel six years ago from Japan’s Eneos Ocean for just $23.5m.
The sale leaves Soechi Lines with one VLGC — the 82,800 Prima Energy (built 2002).
Singapore-based owner Janus Shipping Management is said to have sold the 78,888-cbm Address Gas (built 2000) for $45.75m to Hong Kong’s Union Shipping.
The deal for the Mitsubishi Heavy Industries-built ship is said to include a three-year time charter to Shandong Energy, a unit of China’s third-largest shipping company, Shandong Shipping.
There have been 18 reported sales of VLGCs so far this year, compared with 23 in the corresponding period in 2023, according to VesselsValue.
Last week, TradeWinds reported that US investment bank JP Morgan had increased its VLGC fleet to six ships with the acquisition of two Chinese-built vessels.
JP Morgan Asset Management’s Global Transportation Group was said to have acquired the Jiangnan-built 84,000-cbm Keegan No 1 and Keegan No 2 (both built 2020) for between $92m and $93m each from Oriental Energy.
Market sources said the bank had chartered out the carriers to commodities trader Mercuria for three years. The charter rate has not been disclosed.
The VLGC fleet stood at around 390 ships at the end of April, with a further 43 on order, according to the latest available data from Clarksons.
Around 64% of the VLGC fleet is under 10 years of age, with 32% under four years and 32% between five and nine years, Italian broker Banchero Costa said.
