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Island Navigation revealed as buyer of NYK product tanker

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.


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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