HMM sells two VLCCs to Sinokor for $100m

Athens: South Korea’s Hyundai Merchant Marine has sold two VLCCs to its compatriot Sinokor for $50m each, brokers told Splash today.

The Korean-built vessels are the Universal Crown (309,400 dwt, built 2005) and the Universal Queen (309,400 dwt, built 2005). The sisterships have no employment commitments attached.

The price paid for the 10-year-old vessels is “about right” and is in line with market expectations, the broking source told Splash.

Though the company started life in 1976 as a VLCC owner, the sale leaves just one VLCC in HMM’s owned fleet, being the Hyundai Sun (301,200 dwt, built 1998).

Although the vessel is 17 years old, the Hyundai Sun has not yet been offered for sale, Splash heard.

“There have been rumours that a number of owners are looking to exit the VLCC market,” the broking source said, but it is not known if HMM is one of them.

At the end of April, Sinokor sold two VLCCs to China VLCC for $165m. The vessels were Beijing Sunrise (321,000 dwt, built 2009) and Dalian Glory (302,000 dwt, built 2011).

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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