Asyad Shipping and MOL Sell Steam LNG Carrier for $23 Million

en.Wedoany.com Reported - Asyad Shipping and Japan's Mitsui O.S.K. Lines (MOL) have completed the sale of the steam liquefied natural gas (LNG) carrier "Sohar LNG," built in 2001.

Asyad Shipping disclosed in a stock exchange filing that the vessel was delivered to its new owner on June 9, and the company has received net proceeds of approximately $23 million from the sale. The shipping company did not disclose the buyer's information. According to VesselsValue data, the 137,452-cubic-meter steam LNG carrier was sold to an unidentified shipbreaking buyer. As of Wednesday, the vessel was located in waters near Alang, India.

Asyad Shipping stated that the "Sohar LNG" has been part of its fleet since 2003, with the company and MOL each holding a 50% stake in the vessel as part of a joint venture. The sale is expected to generate total proceeds of approximately $2.1 million for the joint venture, with Asyad Shipping receiving a 50% share of about $1.1 million, subject to final adjustments upon delivery and accounting treatment.

The company stated in a press release: "As part of its strategy to maintain a young fleet and efficient operations, Asyad Shipping continues to seek opportunities to divest older tonnage as planned." The company also emphasized that it "remains committed to a disciplined fleet renewal strategy, with proceeds from planned asset divestitures to support ongoing expansion plans." In February, Asyad Shipping completed the sale of four steam LNG carriers as part of its fleet renewal initiatives. Last month, the company held naming ceremonies for two new LNG carriers in South Korea. Among them, the 174,000-cubic-meter "Muscat LNG" and "Musandam" will serve state-owned LNG producer Oman LNG under long-term charter contracts.

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