Two ships trading in the fleet of Onn Shipping have been reported by brokers as being bought by Asian buyers.
The Istanbul-based manager, which market sources link to the Mehmet Ali Umur-controlled Active Shipping & Trading, are said to have sold the 75,000-dwt panamax tanker Fair World (built 2004) to Chinese interests for about $20.5m.
S&P Global’s International Ships Register suggests that the vessel is already undergoing the handover process and has been renamed Happy Camper, although as of Wednesday this week details on the ship’s new registered owner and managers had yet to be provided.
Another smaller unit of the Onn fleet, the 50,700-dwt product tanker Elegant Grace, was said to have gone for between $27.5m and $28m. Broking reports describe the buyer as Vietnamese, with some suggesting it will join the fleet of PV Trans, the shipping arm of state-owned oil major PetroVietnam.
PV Trans could not be reached for comment.
Both ships have had relatively short tenures under Onn management, but have nevertheless proven to be reasonably profitable asset plays.
The Fair World was acquired as Nordneptun in January 2023 for $15.5m, while the Elegant Grace was acquired as Elafonisos Bay in August 2023 for a reported $25m.
Onn and Active seem to be in sale mode. TradeWinds has already reported in January 2024 about Active selling the 115,400-dwt tanker Fair Seas (built 2008) to Chinese interests for $43.5m. The vessel has since emerged as Tai Shan in the fleet of Hong Kong-based Shang Shipping.
Managers at Onn did not respond to a request for comment.
