KPMG has put a VLCC belonging to Hin Leong-linked Xihe Holdings up for sale.
Industry players said KPMG has been appointed by Dutch bank ABN Amro as its receiver.
The 318,500-dwt Long Hu San (built 2013) is registered with Nan Yi Maritime, a special purpose vehicle (SPV) under Xihe Holdings.
Industry players said two broking firms — Fearnleys and Arctic Securities — were chosen by ABN Amro to handle the sale of the Chinese-built tanker.
VesselsValue puts its market value at $50.35m.
ABN Amro is one of the 23 banks that are exposed to Hin Leong Trading’s debts of $3.85m. It is reported to be owed $300m.
KPMG did not reply to emails from TradeWinds.
ABN Amro is the second bank to have appointed KPMG as receiver to protect its interests. In August, Malayan Banking (Maybank) appointed it to act as receiver and manager of three vessels owned by oil tycoon Lim Oon Kuin and his family’s Xihe Holdings.
A month later, KPMG advertised the three tankers for sale. These are the 16,600-dwt, 2012-built chemical tankers Ocean Success, owned by An Ya Shipping, and the An Xing Shipping-owned Ocean Supreme, as well as the Xin Guang Shipping-controlled, 1,000-dwt bunker tanker Marine Topaz (built 2015).
According to VesselsValue, the trio has a collective market value of $22.28m. It is not known whether they have been sold.
Two tranches
The creditor banks are not the only ones trying to sell Xihe’s vessels. Earlier this month, the judicial manager of Xihe Holdings, Grant Thornton, put six tankers up for sale with a total market value of $169.43m.
They are the 318,000-dwt Jing Gang San (built 2013), Lu San (built 2009) and Hua San (built 2008), the 108,900-dwt Ocean Unicorn (built 2009) and Ocean Quest (built 2008) and the 74,000-dwt Po Yang Hu (built 2007).
They are the second tranche of vessels put up for sale by Grant Thornton. A first seven-ship tranche was launched in September, made up of three VLCCs, two LR2s, one MR and one handysize product carrier.
Grant Thornton has appointed Arrow Shipbroking and Clarksons as exclusive brokers for the sales.
Greek shipowner Maran Tankers was reported to have acquired three VLCCs — the 318,000-dwt Tai San (built 2009) and Tai Hung San (built 2010) and the 319,000-dwt Pu Tuo San (built 2011) — for $111m en bloc.
The Lim family has also cashed out of its fleet. In September, Lim was reported to have sold two 12-year-old LR2 tankers to Indonesian owner Buana Lintas Lautan.
According to VesselsValue, 14 vessels in Xihe’s fleet have been sold since July.
Lim’s Hin Leong oil trading and business empire collapsed this year after he admitted he had ordered staff to hide more than $800m in losses from the company’s books.
Xihe Group, which comprises Xihe Holdings, Xihe Capital and the Lim’s 11 SPVs, collectively owns about 130 vessels, as well as several product and chemical tankers that are under construction in China.
Vessel | Price | Name of buyer |
50,100-dwt MR tanker Bei Jiang (built 2009) | $12.7m | Spring Marine Management |
6,500-dwt bunker tanker Ocean Solar (built 2011) | $5.7m | Vitol |
108,900-dwt LR2 Ocean Trader (built 2008) | $16m | Undisclosed |
318,000-dwt VLCC Tai Hung San (built 2010) | $38m | Maran Tankers |
318,100-dwt VLCC Tai San (built 2009) | $33m | Maran Tankers |
318,800-dwt VLCC Pu Tuo San (built 2011) | $40.1m | Maran Tankers |
108,900-dwt LR2 Ocean Lady (built2008) | $20m | Buana Lintas Lautan |
108,900-dwt Ocean Odyssey (built 2008) | $20m | Buana Lintas Lautan |
5,200-dwt bunke tanker Marine Swift (built 2011) | $4.9m | Consort Bunkers |
7,000-dwt bunker tanker SJ Bravo (built 2011) | Unknown | Equatorial Marine Fuel Management Services |
6,500-dwt bunker tanker Marine Lion (built 2012) | $5.6m | Kenoil Marine Services |
6,500-dwt bunker tanker Ocean Energy (built 2011) | Unknown | Minerva Bunkering |
298,300-dwt VLCC Sea Coral (built 1996) | Unknown | Unknown Russian |
5,000-dwt bunker tanker Marine Elite (built 2014) | Unknown | Fratelli Cosulich |
Source: VesselsValue, brokers
Vessel | Seller |
318,500-dwt VLCC Long Hu San (built 2013) | KPMG/ABN Amro |
318,000-dwt VLCC Jing Gan San (built 2013) | Grant Thornton |
318,000-dwt VLCC Lu San (built 2009) | Grant Thornton |
318,000-dwt VLCC Hua San (built 2008) | Grant Thornton |
108,900-dwt LR2 Ocean Unicorn (built 2009) | Grant Thornton |
108,900-dwt LR2 Ocean Quest (built 2008) | Grant Thornton |
74,000-dwt LR1 Po Yang Hu (built 2007) | Grant Thornton |
37,300-dwt product carrier Ocean Victory (built 2002) | Grant Thornton |
109,000-dwt LR2 Ocean Trader (built 2008) | Grant Thornton |
109,000-dwt LR2 Ocean Pegasus (built 2009) | Grant Thornton |
16,600-dwt chemical tanker Ocean Success (built 2012) | KPMG/Maybank |
16,600-dwt chemical tanker Ocean Supreme (built 2012) | KPMG/Maybank |
1,000-dwt bunker tanker Marine Topaz (built 2015) | KPMG/Maybank |
Source: Market sources