The last in a series of vessels ordered by Nobu Su to an eccentric custom design has been bought in a court auction by builder Hyundai Heavy Industries, with a view to selling it privately
The HHI-built, 319,900-dwt ore-oiler F Whale (built 2011) is said to have gone for $45m. It was part of a series reportedly priced at $160m per ship.
Long after the sale, conversion and return to trading of its seven sisterships, the F Whale has been idle at Ulsan, where it was arrested by the builder following the collapse of Su's Today Makes Tomorrow (TMT).
TradeWinds understands that TMT had the F Whale on a bareboat basis rather than owning it.
Some sources said the builder's sister company Hyundai Merchant Marine (HMM) has found a use for the ship in its own trading system, but TradeWinds understands a resale is planned.
HHI declined to comment on the transaction. Reference sources list the F Whale in the fleet of South Korea's Syncro Shipping.
It is unclear whether HHI will convert the ship to a standard VLCC before a sale. All seven of the ore-oiler's sisterships were converted to straight crude carriers in 2015 and 2016 following bank sales and auctions to US speculators.
Six of them now sail in the fleet of Greece's Olympic Shipping and Management. One is owned by US financial investor Monarch Alternative Capital and sails for Navig8's V8 Pool.
At the time Olympic acquired its last round of Whale series ships from Oaktree Capital Management, sources told TradeWinds the conversion process was a relatively simple one. Class data indicates that it has taken nearly three months in some cases.
Besides removing the hatch covers and closing the deck, the conversion process involves the removal of gear.
Su’s custom design, inspired by the Deepwater Horizon disaster in the US Gulf, called for six 30-tonne cranes on the ships’ decks for use in oil spill skimming operations. The feature was never put into use.
