Kunlun’s latest VLCC acquisition highlights changing tanker fortunes

South Korea’s Sinokor has sold its 2001-built VLCC Pacific Glory to fast growing Kunlun Shipping. Brokers report the Imabari-built tanker fetched a price of $23.5m, a deal highlighting the changing fortunes in the tanker trades over the last few months.

In early November Kunlun, part of state-owned China National Petroleum Corporation, bought a similar sized, identically aged, Korean VLCC for $21.5m.

This marks Sinokor’s first VLCC sale for many years. In the last couple of years it has been busy buying secondhand tonnage as well as ordering a pair of newbuilds at compatriot, Hyundai Heavy Industries.

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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