Hong Kong’s Island Navigation has been revealed as the buyer of the Japanese MR product tanker Challenge Prelude. No price was given for the 10-year-old ship previously controlled by Japan’s Nippon Yusen Kaisha (NYK). The deal comes with a bareboat charter attached.
Island Navigation is the private bulk arm of the Tung family, which also controls Hong Kong-listed containerline OOCL.
Shipping database Equasis shows the deal was actually concluded at the end of August, although broking sources have only just worked out who bought what.
Island Navigation sold its oldest MR tanker, Maple Express, this August for $12.8m.