Sinokor Merchant Marine is tipped to have executed a profitable asset play on a VLCC that was in its fleet for less than two years.
Another low-key shipowner, China's Kunlun Holdings, is reported to be the buyer as it rapidly builds up its veteran VLCC fleet.
Multiple shipbrokers report that South Korea's Sinokor has sold the 298,414-dwt Gulf Glory (built 2002) for more than $24m.
While Sinokor did not reply to requests for comment, brokers noted that it is believed to have paid JX Ocean $21m for the tanker in late 2017. However, the vessel was due for special survey.
Kunlun executives were unavailable to comment.
Based on broker reports and shipping databases, the Gulf Glory sale would make it the second VLCC to pass from Sinokor to Kunlun this year. Kunlun would now have a fleet of five VLCCs, not counting one converted to a floating production, storage and offloading vessel.
Brokers said Kunlun's VLCCs are all either engaged in full-time shuttle trades from the Arabian Gulf to Singapore and Malaysia, or else on storage. The company's ships are not seen in spot fixture lists, brokers said.
Last May, Sinokor was reported to have sold the 299,988-dwt Silver Glory (built 2001) for scrap with optional delivery for $436.50 per ldt, or $18.1m. But the ship has reappeared under the name Pacific Bravo. Brokers regard the ship as controlled by Kunlun although published sources list its ownership as unknown.
In January, TradeWinds reported that Sinokor's 299,999-dwt Pacific Glory (built 2011) had changed hands for $23.5m according to some broker reports. Shipping databases now list it in Kunlun's fleet.
What may be causing confusion in some broking reports is that the Gulf Glory has been renamed Pacific Glory, while the former Pacific Glory is now listed as the Pacific Alpha in shipping databases.
Kunlun also controls the 291,000-dwt Tian Ma Zuo (built 1998) based in Linggi anchorage, 309,000-dwt Tian Ying Zuo (built 2001) and 311,100-dwt CCPC Vanguard (built 1998).
In 2017, the CCPC Vanguard was converted by state-owned China Communications Construction Corp at Tianjin Xingang Shipbuilding for use as a specialised FPSO, the world's first built for desulphurising condensate.
Shanghai-based Kunlun also owns a fleet of elderly VLGCs.
