Singapore’s Pacific Carriers is reported to have sold a 25-year-old VLGC for a price far in excess of its estimated demolition value.
The NKK-built 78,000-cbm NS Challenger (ex-BW Challenger, built 1992) is understood to have been sold to an Indian buyer for between $10.5m and $11m.
The ship’s scrap value is $8.5m. The vessel is not due for special survey until December 2022.
The current spot market price for a vessel of this type is about $15,000 per day, down from $21,000 per day a month ago.
Pacific Carriers did not respond to requests for comment.
The NS Challenger was purchased as the BW Challenger for $17.5m from Oslo-listed BW LPG in January 2010.
One of four
It is one of four VLGCs that Pacific Carriers has bought from BW.
In January 2010, it also bought the NKK-built 76,000-cbm BW Clipper (built 1992) for $17.5m and named it Clipper.
In December 2011, it acquired the NKK-built 76,000-cbm BW Captain (renamed Nusa Bright, built 1991) for $30m.
And in April, it purchased the Polish-built 78,000-cbm BW Denise (built 2001) for $24.5m and renamed it Rubra. The vessel is currently trading for Pertamina.
Pacific Carriers is listed with four VLGCs with an average age of 24 years.
Undisclosed buyer
Meanwhile, Japan’s Idemitsu Tanker has sold the Mitsubishi-built 78,000-cbm Energy Orpheus (built 1993) to an undisclosed buyer for $10.25m.
The ship is due for special survey in October 2020.
In one of the few VLGC period deals agreed recently, Vietnam’s TPL Shipping has fixed out its sole unit, the 78,000-cbm Everrich 10 (built 1995), on a 12-month charter to an undisclosed company. The rate has not been reported.
TPL bought the ship from Astomos Energy in May 2015 for $40.3m.
