John Fredriksen’s Ship Finance International Limited (SFL), which boasts a $4.3bn portfolio of maritime and offshore assets, has agreed to sell a VLCC tanker to Chinese firm Kunlun Shipping.
The 1998-built Front Century has fetched a selling price of $18.7m from Kunlun Shipping, a subsidiary of Shanghai-based Kunlun Holdings.
has fetched a selling price of $18.7m from Kunlun Shipping, a subsidiary of Shanghai-based Kunlun Holdings.It is the second large tanker sold by SFL this year, following May’s sale of Front Vanguard for around $24m.
Chinese storage buyers like Kunlun are actively snapping up older VLCCs. Agritrade Resources, for instance, having recently taken the 309,285 dwt DHT Chris from DHT Holdings for $23.7m, has also been linked to taking the 305,000 dwt Astro Chorus from Greece’s Pantheon Tankers. Agritrade has denied this latest acquisition, but Splash understands the Chinese firm is eagerly scouting to suitable tanker tonnage still.
