The company is selling the Japanese built 310,000-dwt Yangtze Friendship (built 2008) for $61.8m, which is the current book value, but well below the price paid for the tanker less than four years ago.
The Yangtze Friendship built at Mitsui’s Chiba yard was acquired for $100m as the Grand Sea in 2011.
The buyer is New Enterprise Shipping Co, a Chinese company majority owned by an independent third party in which Sinotrans has a 49% stake.
TradeWinds
