Sinokor is in the market for second time this year, offloading a 2004-built VLCC. This ship is the 319,000 dwt S Glory, a tanker Sinokor bought five years ago as Ardenne Venture for $41.5m from Hong Kong’s Wah Kwong. The VLCC will be ready for inspection in South Korea in a couple of weeks. MSI sets the fair market value of the ship at $29.1m.
The upcoming sale sale comes only weeks after the Korean line sold its 2001-built VLCC Pacific Glory to fast growing Kunlun Shipping for $23.5m.
In the last couple of years Sinokor it has been busy buying secondhand tonnage as well as ordering newbuilds at compatriot, Hyundai Heavy Industries where the active outfit has five VLCCs hitting the water this year and another eight VLCCs due to deliver in 2020 and 2021. It currently has nine VLCCs in the water.