Chinese owner Kunlun Holdings is strengthening its presence in the VLGC sector, adding the 78,462 cu m Toyosu Maru from Japan’s Iino Kaiun, brokers report.
The Chinese company has laid $19.5m on the table for the elderly workhorse. Kunlun deploys its VLGC vessels for trading from the Persian Gulf to China, and is planning to add more VLGCs in the coming months.
Kunlun recently sold the 78,000 cu m Sea Dolphin (built 1990) for scrap. It had bought the Sea Dolphin from Korea Line for $20.5m at the beginning of 2016.
It has another two VLGCs, the 78,000 cu m Gas Dignity (built 2000) and the Sea Dragon (built 1993). The company’s strategy is to buy older ships and to charter them out.
Yesterday Splash reported that Chinese gas trader Oriental Energy has signed a strategic agreement with Kunlun to establish a VLGC pool to be set up before the end of May.