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Sinotrans Shipping Agrees to Sell VLCC at a Loss

Sinotrans Shipping Ltd. (Sinotrans) announced Dec.31 that it agreed to sell a 2008-built VLCC named "Yangtze Friendship" at the cost of a loss of US$38.2 million, according to a domestic news report.

The crude carrier was purchased at a price of US$100 million in 2011 and will be sold to Enterprise Shipping, in which Sinotrans owns a 49 percent stake, for US$61.8 million.

The boat is expected to be delivered to the new owner in Feb.10 this year.

Sinotrans explained that it does not have expertise on operating tankers, considering the transaction as a disposal for the sake of both the company and its shareholders.

Sinotrans plans to use the proceeds from the transaction to replenish its working capital and acquire newbuilds in the future.

Sinotrans is primarily engaged in operating bulkers and boxships.

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