Unique Shipping of Hong Kong says it is done trimming its fleet after committing to sell its oldest VLGC.
The company is reported to have sold the Universal-built 80,000-cbm LPG carrier Oriental Queen (built 2004) for $40.3m.
The sale follows hot on the heels of a capesize bulker sale in January.
As with a high proportion of other VLGC sales in recent months, the ship is said to have gone to an unidentified buyer in United Arab Emirates.
Kenny Chu, executive director of Unique, confirmed the two ships are committed for sale. Asked whether the company is looking to sell more ships, he said: “We are not looking at further disposals.”
The sale will leave Unique with four Hyundai Heavy Industries-built VLGCs dating from between 2006 and 2017. In addition, the company has two medium-sized LPG carriers built in the late 2000s.
The price obtained for Oriental Queen appears to be in line with market levels. In December, Kumiai Navigation sold the one-year-older 80,000-cbm Crystal Marine (built 2003) for $37m.
VesselsValue data indicates VLGC asset values have been slowly but steadily increasing since July 2020. The online platform pegs a $40.3m market value on the Oriental Queen.
Maritime Strategies International (MSI), which calculates ship value ranges going forward, gives it a lower fair market value of $37.4m.
TradeWinds reported earlier this month that Unique Shipping had sold its SWS-built, 177,000-dwt Unique Carrier (built 2007) to expanding bulker owner Berge Bulk for $11.7m. At the time, the Hong Kong owner did not respond to requests for comment and Berge Bulk does not comment on commercial matters.
Conservative business model
The Unique Carrier was the only bulker in the company's fleet, and its sale has left the it as a pure hydrocarbon carrier, with four MR2-type product tankers in addition to its six remaining gas carriers.
Unique is a traditional Hong Kong shipowner with a conservative business model. As such, it has an aversion to speculative asset plays and the spot market, preferring instead to grow its fleet against long-term contracts, fixing vessels out on multiple-year charters or, when such contracts are not available for existing vessels, placing them in pools or selling them off.
Three of the company's VLGCs are operated by BW LPG, while its two smaller gas carriers are trading for Exmar. Most of its tankers operate in the Norient Product Pool.
