In the wake of lining up the sale of their containerline, Hong Kong’s Tung family are keeping active in the bulk trades via their privately held Island Navigation.
Nine days ago the Tungs revealed that Cosco Shipping had bid $6.3bn to take over Orient Overseas International Limited, the listed parent of containerline OOCL. However, the sale does not represent a total shipping departure for the family, which now has the third generation at the helm of its businesses.
Brokers are linking Island Navigation with a swoop for a 2006-built MR tanker. Island Navigation are paying another Hong Kong owner, Parakou, $15.3m for the coated 51,224 dwt PTI Volans.
Low profile Island Navigation has been active buying and selling tonnage in the past 12 months, likely gearing up for busier times post-OOCL. Once the sale of the boxline goes through, Island Navigation will need to find new office premises as currently it shares the same address as OOCL.
Parakou, whose founder CC Liu died in May, sold another MR tanker, Pretty World, last month.