Turkey’s Yasa Shipping has topped up an already impressive acquisition spree with the purchase of its first VLCC.
The Istanbul-based company has emerged as the new owner of the 318,300-dwt Qi Lian San (built 2012).
The tanker was reported sold in March for about $44m as part of a creditor-driven, gradual wind-down of the fleet of Xihe Group and the collapsed empire of embattled tycoon Lim Oon Kuin. The ship's buyers were not disclosed at the time, with Greece’s Dynacom Tankers quickly quashing rumours it had anything to do with the deal.
Shipping databanks including Equasis now show that the Qi Lian San joined Yasa’s fleet at the end of April under its new name, Yasa Southern Cross.
Yasa does not list the ship on its website. Company managers did not respond to a request for comment.
An acquisition of the Qi Lian San would represent a remarkable expansion move for Yasa, which is not known to have operated any other VLCCs before.
At the same time, it would make Yasa just the second company with a Turkish background to own such a ship.
Yasa Shipping is a shipowner and operator that is part of Turkey's Yasa Holding, which is also involved in construction, tourism, aviation and textiles.
Headquarters: Istanbul
Founded: 1999
Leadership: Founder and chairman Yalcin Sabanci; general manager Mehmet Kayhan
Fleet: 27 bulkers and 12 tankers, including one newbuilding
Fleet value: $837m
Seafarers: 1,335
Sources: VesselsValue, TradeWinds, Yasa Shipping
The first one is Switzerland-based Advantage Tankers, clients of which acquired two VLCCs at the end of 2019. Advantage Tankers also has another four VLCCs under construction at Daewoo Shipbuilding & Marine Engineering due for delivery in 2022 and 2023.
The Qi Lian San is just the latest in a string of high-profile moves by Yasa, both in tankers and in bulkers.
In April, the company clinched a resale deal for the 84,800-dwt kamsarmax SDTR Bella (built 2021) for about $30m. The ship is still under construction at Shanhaiguan Shipbuilding Industry. Due for delivery in July, it will be trading as the Yasa Diamond.
A month earlier, Yasa was linked to an even bigger resale deal to acquire four post-panamax bulkers under construction at Chengxi Shipyard for $28.5m apiece. The ships, all due for delivery next year, are currently listed as Hull Nos CX0831 through to 834.
Controlled by the Sabanci family, Yasa set up shop in 1999. It first entered bulkers and a tanker division followed five years later.
Yasa was one of the first Turkish companies to enter shipping as an extension of an existing business group with onshore interests. Yasa Group is also active in tourism and construction.
Yasa Shipping’s latest acquisitions will boost its managed fleet to 27 bulkers and 12 tankers. That includes two recently delivered MR newbuildings from Hyundai Mipo Dockyard.
Yasa was recently also in talks to order up to three LNG-ready, scrubber-fitted suezmaxes at Daehan Shipbuilding. TradeWinds, however, understands that two of these have been dropped and construction of the third looks uncertain as well.
VesselsValue lists the 157,300-dwt newbuilding as part of the Yasa fleet, with Hull No 50622, due for delivery in January 2022. According to IHS Markit, however, construction of the ship has not started.
Yasa is led by general manager Mehmet Kayhan, a naval architect and marine engineer who graduated from Istanbul Technical University. Before taking up the position at Yasa, Kayan worked at Turkish shipping companies Cerrahgil, Kaptanoglu and Zihni Shipping.
