Corinthians Shipping, the tanker arm of Nigerian oil trader Ontario Oil & Gas, has begun trimming its fleet by selling a medium-range (MR) products carrier for scrap.
The 46,800-dwt God’s Grace (built 1994) has been sold to a recycler in Nigeria for an undisclosed price, brokers report.
Corinthians purchased the ship as Pacific Pearl in early 2012 for $7.25m. Around this time, promises of lucrative cabotage trades and access to a fund to support the build-up of a domestic tanker fleet prompted a large number of products tanker acquisitions by Nigerian oil traders and other hopeful entrants to the shipping sector.
