ECONOMY

Greek shippers snap up Hin Leong founder’s ships

greek-shippers-snap-up-hin-leong-founder-s-ships

About a third of the roughly 150 ships owned by companies controlled by Singapore tycoon Lim Oon Kuin and his family (including Hin Leong) have been sold as part of efforts to repay billions of dollars of debt owed to creditors, two sources told Reuters.Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year.

Xihe Holdings is owned by the Lim family and held the bulk of their fleet. The ships owned by the Xihe group have been sold at prices of $2 million to $3 million each for coastal barges and around $30 million each for very large crude carriers (VLCCs), said the two sources. Buyers include Greek ship owners, one of the sources said. Further details, including the total sum of money raised so far, were not available.

It is expected the rest of the ships will be sold by late this year, although some are tied up in various lawsuits as counterparties try to lay claim to the cargoes on the ships, the source said. [Reuters]