Xihe Holdings mass sell-off leaves bargain hunters disappointed
Over half of once vast tanker fleet sold off.
The mass sell-off of the once vast Xihe Holdings fleet of tankers has left bargain hunters disappointed.
Analyst say the piecemeal nature of the sales have kept prices reasonably high and entities tasked with selling off the troubled Lim family’s assets have found no shortage of buyers.
The latest vessel to be sold was the LR2 product tanker, Ocean Pegasus. The sale was concluded on Friday and overseen by the High Court of Singapore. The outcome is yet to be disclosed.
“There is strong demand for Xihe’s ships from serious buyers, and the judicial managers and creditors made it clear from the outset that they were not going to let the ships go at fire-sale prices” a shipbroking source told TradeWinds News.
“Buyers know the lowball gambit is not going to work.”
