Hong Kong-listed Champion Technology, an investment holding company principally engaged in the trading of gasoil, has sold the only tanker in its fleet.
The company has sold the 1992-built 41,500 dwt MR tanker Distinction 01 to Grandway International Marine for a price of HK$20.18m ($2.6m), lower than VesselsValue‘s valuation of $3.5m. Champion Technology had bought the vessel in June 2019 for $4.2m.
The company believes there is growing pressure to decarbonise which is impacting engine design and fuel choice as the vessel approaches 29 years old, and the disposal helps improve the financial position of the group.
Proceeds from the sale will be used for partial repayment of loan and general working capital of the group.