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SK Shipping splashes out $360m on Sinokor VLCCs ( Korea Inc. IMO )Private equity investor may be building up South Korean shipowner for saleSKShipping continues to expand its VLCC fleet with secondhand vessels. It has bought four Hyundai Samho-built crude carriers from fellow South Korean owner Sinokor Merchant Marine. Tanker experts said SK Shipping has reportedly acquired the 2019-built, 300,000-dwt V. Glory, V. Harmony, V. Advance and the newbuilding V. Prosperity for $90m each. The sales price includes a 10-year charter to domestic oil major GS Caltex at $30,000 per day, with an option to extend the hire for five years. Officials at SK Shipping were not available for comment. Sinokor did not reply to TradeWinds’ emails. The acquisition of Sinokor’s quartet is the second VLCC resale transaction SK Shipping has made this year. In January, it spent $106m buying Hartree Maritime’s 300,000-dwt VLCC newbuilding. SK Shipping has taken delivery of the DSME-built vessel and named it C Creator (built 2020). The VLCC is said to have landed a charter contract from domestic company Hyundai Oilbank but details of the deal were not disclosed. Last summer, SK Shipping bought a resale VLCC newbuilding from Arne Fredly’s Hunter Group for $98m. The DSME-built, 300,300-dwt C Guardian (built 2019) is now shipping for Trafigura under a five-year charter, at $38,000 per day. SK Shipping is not only building its fleet with resale VLCC tonnage, it is also ordering newbuildings. In January, it signed up for two VLCC newbuildings at Hyundai Samho Heavy Industries at $94m each, ordering them against 10-year charter contracts with Hyundai Oilbank. Shipping players following SK Shipping said it has expanded its VLCC fleet by almost 50% since private equity firm Hahn & Co took it over in October 2018 for KRW 1.5trn ($1.26bn). At that time, SK Shipping had only 18 VLCCs; by next year, its crude carrier fleet will reach 26. “There is talk in the market that Hahn & Co is building up an attractive fleet for SK Shipping as its ultimate aim is to sell the shipping company away at a good profit,” said one South Korean shipping player. According to VesselsValue, SK Shipping controls some 60 bulkers, tankers and gas carriers. Meanwhile, Sinokor Merchant Marine is reducing its VLCC fleet quickly. According to VesselsValue, it has sold nine VLCCs this year, including the four to SK Shipping. Of the nine VLCCs, four were newbuildings that are scheduled for delivery this year and next. Only one — the 319,200-dwt Mediterranean Glory (built 2004) — is older tonnage. It was sold to Transmed Shipping for $31.5m and renamed Gilos. Once SK Shipping takes delivery of the crude carriers, Sinokor will be left with four VLCCs — two built in 2005 and the two in 2017. The company still owns a large fleet of close to 150 bulkers, tankers, containerships and gas carriers. |
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