China VLCC, a joint venture between China Merchants Energy Shipping (CMES) and Sinotrans & CSC, will take over four VLCCs operated by Nanjing Tanker.
The four VLCCs are identified as 2008-built Yangtze Pearl, 2009-built Yangtze Spring, 2011-built Yangtze Star and 2011-built Yangtze Crown, a stock filing of Sinotrans Shipping said.
They were chartered to Nanjing Tanker with terms between 10-12 years after deliveries, according to IHS Maritime's Sea-web.com.
The vessels will be sold to China VLCC by December.
Sinotrans Shipping will also be involved in the deal as the company has agreed to take over part of the loans financing the building of the four VLCCs from Bank of America. Sinotrans Shipping will pay the bank $33.2M to take over the loans with maturities ranging from October 2020 to September 2021.
In addition, China VLCC has already acquired 2010-built VLCC named New Coral, which had been operated by Nanjing Tanker under the name of Yangtze Fountain.
Early November, CMES said it had acquired the 2009-built VLCC of Yangtze Rhyme for about $60.3M. The vessel had been operated by Nanjing Tanker since 2009.
In July, Nanjing Tanker entered into court receivership for restructuring. The company was delisted by the Shanghai Stock Exchange in June after posting four consecutive annual losses from 2010 to 2013.
Source IHS
Topic: China VLCC to take over Nanjing Tanker vessels (Read 2532 times)