A quarter of Xihe Group’s VLCC arm has been sold with news of a third VLCC sale this year.
Multiple brokers report that creditors of the Singapore firm have sold the nine-year-old 318,400 dwt Chang Bai San for $41.5m. Andreas Hadjiyiannis’s Cyprus Maritime has been tied to the deal.
Two similar aged Shanghai Waigaoqiao Shipbuilding built giants were sold earlier this year by the Singaporeans. In May the 318,000 dwt Jiu Hua San (built 2009) found a new owner in Zodiac Maritime for $37m while in March Turkish account Yasa made its debut a the sector, adding a sistership for some $4m more than the latest sale.
The wide price difference between the deals done only months apart from each other illustrate how volatile this market has been this year.