The extraordinary sums paid for vintage tanker tonnage in the wake of Russia’s war with Ukraine is seeing cash buyers become adept at flipping ships that in normal times would have been heading to the ranks of blowtorch-wielding demolition experts in south Asia.
Singapore-headquartered cash buyer Wirana has just added its third VLCC in as many months, mirroring the business strategy of another famous cash buyer, GMS, in flipping tankers for millions in quick profits.
Sources tell Splash that Wirana is the buyer of the 19-year-old, 300,000 dwt Cosbright Lake, a ship that it added quietly in the middle of March for just under $40m in a direct deal with China’s state-owned giant COSCO. Sources say the ship is now up for grabs for $5m more.
By comparison, Lila Global, the rapidly growing shipowning arm of GMS, started the year adding its second VLCC from COSCO, the one-year-older Cosgrate Lake, a ship that Lila Global then flipped after a month, making about $5m on the deal.
Wirana got into shipowning in January, shelling out $52m for the 18-year-old, 281,396 dwt Asia Dawn VLCC from Hong Kong’s Nan Fung Shipping. A few weeks later, the company paid $55m to take on the 15-year-old, 297,400 dwt Nave Photon VLCC from Navios Maritime Partners.
“in the wake of Russia’s war with Ukraine”
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In the wake of Russia’s invasion of Ukraine
Singapore now is a money laundering country for Russia, China and India