India’s Great Eastern Shipping has carried on its product tanker fleet renewal initiative, with the disposal of another vintage MR unit.
The Mumbai-listed diversified owner said it had struck a deal with an undisclosed buyer for its 2005-built Jag Pranav.
No price tag has been attached to the deal, but the 51,383 dwt ship, VesselsValue estimates at about $20m, should change hands by the third quarter of the current financial year. S&P records show the company bought the STX-built unit for $21.5m in 2013.
Great Eastern has been busy rejuvenating its tanker fleet this year with several deals that saw older tonnage being sold and replaced by younger models.
Last month, the company picked up the 2013-built STI Beryl from Scorpio Tankers for $36.6m after it agreed to sell the 2004-built 48,700 dwt Jag Pranam a month earlier.
Including the two ageing tankers agreed for sale, the fleet currently comprises a mix of nearly fully-utilised 25 crude and product carriers, four LPG carriers and 14 bulkers.