Mitsui OSK Lines (MOL) is offloading its share of a VLCC to partner Sinotrans Shipping in a deal also involving a long-term charter.
The 310,500-dwt Grand Sea will move over to Hong Kong-listed Sinotrans for an aggregate amount of $100m.
The 2008-built ship is currently controlled by MS Tanker Shipping, a 50/50 joint venture between the Hong Kong and Japanese owners.
Ji Shang Marine, a subsidiary of Sinotrans, is to take the tanker on charter for five years after which it will assume full ownership, a bourse announcement read on Wednesday.
The
