Singapore-based Kumiai Navigation has sold the oldest vessel in its fleet to help make way for newbuilds scheduled to be delivered beginning this year.
Built in 2001 by Kawasaki Heavy Industries (KHI), the 79,500-cubic-metre LPG tanker Ocean Orchid was sold to a Middle Eastern buyer for US$24 million.
The sale brings Kumiai's LPG tanker fleet down to only three ships. However, four new LPG tankers are on order and being built at KHI and Sasaki Shipbuilding.
