Supramax for sale as Indian shipowner focuses on LPG

Gas is our strength, says Global United Shipping India after it puts bulker on market

Global United Shipping India (GUSI) is trying to dispose of a bulker as it focuses on LPG.

The 56,000-dwt Nandini (built 2007) has been put up for sale and can be inspected in Mumbai. VesselsValue says the Mitsui-built ship, which passed special survey in May this year, is worth $11.8m.

GUSI founder and chief executive Rajesh Unni confirms to TradeWinds that the bulker has been earmarked for sale.

“The Nandini is being marketed to see what value we can obtain,” he said.

GUSI — the Chennai-based joint venture of Synergy Group and ­Japanese interests including Mitsui Group — has been steadily offloading its bulkers. In July, it sold the Tadotsu-built, 74,000-dwt ­Sanvi (built 2000) to Ilios Shipping of Greece for $4.8m.

With the sale of the Nandini, the company will be left with eight gas tankers ranging from handysizes to very large gas carriers, with an average age of 14 years.

Its subsidiary Global United Shipping Singapore is listed with two 2000-built capesizes, a 2012-built aframax tanker and the 50,300-dwt bulker Parvathy (built 1999).

Unni tells TradeWinds gas is where GUSI’s strength lies, and where it will remain.

Earlier this year, the company entered a joint venture with BW Group that is focused on owning LPG carrier assets in the Indian market.

BW LPG is contributing the 84,333-cbm BW Boss (built 2001) and the 82,200-cbm BW Energy (built 2002) to the venture.

Unni cautions that although there are significant opportunities in the Indian gas trades, vessels there do not earn any premium over international market rates.

The company is likely to find keen buyers for the Nandini as the dry bulk sector is showing signs of recovery and vessel values have been increasing significantly.

At the Marine Money conference in Singapore this week, VesselsValue chief operations officer Adrian Economakis attributed this rise to market sentiment, with ­opportunistic buyers stepping in to take advantage of cheap ships.

The Nandini is one of three 10-year-old sisterships on the ­market. The Japanese-controlled Neptune Pioneer (built 2007) can be inspected in China at the end of this month or early in October.

Grace Ocean Investment of Hong Kong has put Ocean Hawk I (built 2007) on the block as it gears up to arrive in China this weekend to discharge.