Pappas takes cheap product tanker

Petros Pappas-controlled Product Shipping & Trading has snapped up a cheap MR product tanker, according to broker reports. The Greek firm is paying just $14.2m for the nine-year-old Nord Observer, which shipping database Equasis lists Japan’s NCN Corp as the current beneficial owner. The 47,000 dwt coated ship was built at Onomichi.

Meanwhile, in related news South Korea’s Keoje Marine has bagged a bargain deal for a small product/chemical carrier. In a bank driven deal Keoje Marine is paying $12.2m for the 13,000 dwt epoxy coated Lady Cordelia which was previously controlled by Tune Chemical Tankers from the Netherlands.


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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