Titan sells single-hullers

Two mystery owners have snapped up a pair of ageing Titan Petrochemical tankers for around $15m a piece.

A Malaysian bunker trader and an investments firm in the Caribbean are said to have taken the single-hulled VLCCs.

Titan has fetched $15m for the 239,800-dwt Titan Chios (built 1986). The Mitsui Shipbuilding tanker has now been converted into a floating storage unit with Clarksons listing its size as 279,000-dwt.

In an announcement to the Hong Kong bourse, Titan named the buyer merely as ‘Chios Purchaser’, a company registered in Malaysia and involved in bunker trading and shipowning.

The buyer is, however, unrelated to ‘Scorpio Purchaser’ which has taken the 265,600-dwt Titan Scorpio (built 1986) for $14.5m, Titan’s announcement continued. The purchaser is “incorporated in British Virgin Islands and its principal business is investment holding,” Titan continued.

Both ships are expected to be handed over to their new respective owners within the next month.

Titan said that neither purchaser is related to the buyer of the 275,300-dwt Titan Mercury (built 1989). The single-hull VLCC was offloaded to Thailand’s Khunnathee Co, related to Nathalin, for $18m in the past week.

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