Ridgebury Tankers makes tidy profit from VLCC sale to Yinson

Ridgebury Tankers makes tidy profit from VLCC sale to Yinson

Bob Burke-led Ridgebury Tankers has sold 2002-built VLCC Ridgebury Eagle to Malaysian FPSO specialist Yinson Holdings, according to brokers.

Seasure Shipbroking is reporting that Yinson has paid $29m for the Samsung-built vessel, far higher than the VesselsValue valuation of $21.5m. VesselsValue says that Ridgebury paid $24.3m for the vessel in November 2017, part of an en bloc deal for three VLCCs with DHT Holdings at a total of $66.5m.

Malaysia’s Yinson has been in negotiations for several FPSO contracts, including bids in Brazil and Ghana. The acquisition points to the company announcing success on at least one front in the near future.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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