Hyundai Merchant Marine sells product pair

Hyundai Merchant Marine (HMM) has sold a pair of pump room MR product tankers for $10.5m each.

The sister ships Oriental Emerald and Oriental Ruby were built at now defunct Shina Shipbuilding 12 years ago. Avin International, a Greek owner that focuses on vintage tankers, has been reported by brokers as the buyer of the ships.

“When factoring in the difference in age, this pricing appears to mark a fall in values compared to the recently concluded Shimanami Sunshine, which sold to Greek buyers for a price in the low $10ms, but it is important to consider the unconventional dimensions of the Oriental Emerald and Oriental Ruby, which will have limited their flexibility in the charter markets,” Clarkson Research noted in its most recent report.

Both ships had been in the shop window for a few months. Another Greek owner, Benetech Shipping, was linked with buying them in April.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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