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Island Navigation takes LR product tanker from MOL

Island Navigation is making plenty of plays in the product tanker sector at the moment. The privately held bulk shipowning vehicle of the Tung family in Hong Kong has moved to take the Japanese-built Classy Victoria LR product tanker from Mitsui OSK Lines (MOL) for $18m, some $800,000 over what online ship pricing mechanism VesselsValue.com prices the vessel at today.

Yesterday, Splash revealed Island Navigation 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 sold its oldest MR tanker, Maple Express, this August for $12.8m.

The Tung family also controls Hong Kong-listed containerline OOCL.

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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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