'Old' VLGC sold to Chinese

12 February 2014

Yet another 1990s-built VLGC has been sold to Chinese buyers. Brokers told IHS Maritime that 1993-built Oval Nova has changed hands for over $25M and a company called Kunlun Shipping is said to be the buyer. The ship belonged to Singapore-based LPG trader Petredec. Kunlun Shipping is also said to have bought 2000-built BW Danuta in August 2013. The transaction means that at least 10 1990s-built VLGCs have been sold since last year. The ships have been used to ship Iranian LPG to China. Sanctions targeting Iran's oil and gas exports have precluded the country from selling its gas to countries like Japan and South Korea.

(106 of 192 words)
By posting a comment you confirm that you have read and accept our Posting Rules and our Terms of Use of this site.