India’s Chambal Fertilisers & Chemicals has sold its first aframax tanker at a book loss of around $17.4m, after announcing in December it would sell all five vessels in its fleet.
The China-built tanker Ratna Puja (104,600 dwt, built 2006; pictured) was sold for $22.5m to Liberia-registered Sumire Navigation, according to a filing to the National Stock Exchange of India.
(104,600 dwt, built 2006; pictured) was sold for $22.5m to Liberia-registered Sumire Navigation, according to a filing to the National Stock Exchange of India.Online platform VesselsValue.com estimates the ship’s current market value at $24.08m. The sale is expected to be completed by April 30.
The shipowner said the tanker’s book value was INR 262.98 crore ($39.9m), as of December 31, 2015.
Chambal said in December the fleet is being sold to generate funds to set up a new ammonia-urea project in Rajasthan. The decision to offload the fleet was based on “the long-term shipping business outlook”, the company said.
