Indonesian Tanker Owners Reap Profits from Strategic Sales

This quarter has been highly active for Indonesia’s largest tanker owners, who are capitalizing on the market by selling tankers acquired years ago at substantial profits.

The latest transaction from Indonesia involves Buana Lintas Lautan (BULL), which has reportedly sold a 20-year-old aframax tanker, the 115,000 dwt Salamander, for $27 million. According to brokers, BULL nearly doubled its investment, having purchased the vessel in 2019 for $14.3 million.

This marks BULL’s second sale of the year, following the earlier sale of a 1991-built VLGC.

Last week, Patria Nusasegara made a significant profit by selling the 18-year-old, Japanese-built PNS Serena for $42 million, a VLCC they had acquired four years ago for $31 million.

In late July, Patria Nusasegara secured $60 million for the 2008-built VLGC Victoria Lyra, another lucrative deal as the tanker was purchased three years earlier for $12 million less.

Sochi Lines also capitalized on the market in July, selling a 1999-built VLGC, the SC Commander LVII, for $43 million. This vessel had been acquired in 2018 for $23.5 million.