SKY China Petroleum Services subsidiary dumps oldest vessels

Also the smallest, the vessels are being sold for over S$2 million.

The Board of Directors of SKY China Petroleum Services Ltd. announced that the Group’s subsidiary Wenling Xinghai Ocean Shipping Co., Ltd. has entered into a sales and purchase agreement with Yueqing Yunhong Shipping Co., Ltd. for the sale of the two smallest and oldest vessels, namely Yuan Leung and Yuan Leung #1, currently held by Xinghai.

YL and YL1 were leased out under time charter and these two vessels were returned to Xinghai upon the end of the time charter business in early 2012.

The management had earlier intended to revamp the boats into double hull vessels for meeting spot charter customers’ demands. However, after due consideration, it was concluded that the two small and aged vessels are not economical to carry out double hull modifications.

According to the announcement, there will be a decrease in capacities and higher running cost will be incurred after modifications. “A disposal is more economical in longer term,” said the statement.

Also Read

Shell pipeline leaks oil into Singapore’s Bukom Island

Changi Airport Group unveils three faster vessels for sea rescues

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit