Kim Heng Offshore & Marine Buys Oil Product Tanker

Kim Heng Offshore & Marine Holdings Limited has completed the purchase of Angel Sun, an oil product tanker. 

Previously owned by Singapore shipping company Vermont Um Shipping, the 5,000 dwt vessel has been bought for SGD 2.1 million (USD 1.52 million).

The 2006-built tanker was put up at auction by the Supreme Court of Singapore after it had been arrested by law firm Rajah and Tann Singapore over fraud accusations.

With a length of 101.6 meters and a width of 15.4 meters, Angel Sun currently has a market value of USD 4.58 million, according to data provided by VesselsValue.

As explained by Kim Heng Offshore & Marine Holdings Limited, the group aims to sell the vessel as and when opportunities arise.

“We will continue to seek opportunities and pursue strategic transactions to acquire marine assets or businesses at the right price that will help to complement our strategy to grow our revenue streams,” Kim Heng said.