Greater ChinaTankers

Island Navigation squeezes extra $500,000 for its oldest tanker

The wily Tung family have managed to squeeze an extra $500,000 from the sale of their oldest tanker.

The 14-year-old, 46,000 dwt Maple Express was first put up for sale by Hong Kong’s Island Navigation six months ago and came close to being sold at the end of March. However, the ship was withdrawn from the market with the owner deeming a tabled offer of $12.3m as insufficient.

Now, however, sources tell Splash that the ship is close to being sold for $12.8m to Vietnamese concern, Hai Linh.

Hai Linh has three smaller product tankers, all 17-years-old, on its books at the moment.
Island Navigation is the private bulker company of the Tung family, who also control Hong Kong containerline OOCL.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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