New Shipping takes modern VLCC for $60m

Following much speculation over the past few months, HNA Group has finally disposed of the modern VLCC Shanghai for around $60m, according to Clarkson Research.

New Shipping has emerged as the buyer, after the seller had on more than one occasion invited offers unsuccessfully, as well as committing the vessel on subjects to another buyer. The deal is the second modern VLCC to change hands between the two parties in as many months, following the sale of the year younger Hangzhou, also for a price of $60m.

New Shipping has recently been securing both young and old tonnage in the crude sector, having purchased the VLCC Perseus Trader, as well as the suezmaxes Ganges Spirit and Yamuna Spirit for just under $17m per vessel.

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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