Cosgrand Lake passes to new buyers for 35 million, while Lila Global strengthens its presence in the VLCC segment
Beijing – Cosco has sold the VLCC Cosgrand Lake, a 299,000 dwt tanker built in 2006 in Japan and equipped with a scrubber, at a price significantly below market estimates. According to industry sources, the unit was purchased by undisclosed parties for 35 million dollars, well below the 40.67 million estimated by VesselsValue.
Brokerage sources link the transaction to Gms, which in June had already purchased a 2008 Mitsui OSK Lines VLCC for 48 million dollars. If confirmed, the operation would double the exposure of its subsidiary Lila Global in the VLCC segment.
The particularly low price, operators explain, also reflects the strict verification procedures adopted by Cosco, which significantly reduce the number of potential buyers.
The last comparable sale dates back to September, when the Dalma, a 2007 Korean-built 307,000 dwt unit, was sold for 48 million dollars. Lila Global, furthermore, has long had commercial relations with Cosco and has previously resold two of its VLCCs.
Since May, the company has been engaged in an expansion campaign in the tanker sector, with acquisitions that include two MR2s, a Mitsui-built VLCC, a suezmax and a stainless steel chemical tanker.
