HNA Technology, a Shanghai-based company, has recently reached an agreement to sell the last ship of three ships that were designated for sale. This deal brings the total value of recent fleet sales to $51.55 million.
Details of the Deal and Sold Ships
The wholly-owned unit of HNA Technology, Asian Star Marine, has signed an agreement to sell the large ship Bulk Joyance, built in 2012, to Hong Kong-based Ripley Holding for $31.1 million. The delivery of this ship is scheduled between October 1 and December 31. The 175,600 dwt ship was built by Jinhai Heavy Industry in China's heavy industry sector and remains registered in Hong Kong.
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This deal concludes the contract phase of the three-ship sales program that HNA Technology began in July. Previously, the company sold the AE Mars (built in 2006) for $9.05 million and the AE Jupiter (built in 2007) for $11.4 million.
Economic Analysis and Implications
The total value of these three deals has reached $51.55 million, slightly above the $49 million estimate that HNA announced at the time of the ship sales in July. These three ships had a combined book cost of approximately $43.6 million at the end of June.
HNA Technology had purchased the Bulk Joyance and its sister ship Bulk Harvest from Puhang Leasing in late 2020 for about $22.2 million each, marking the group's return to ship ownership after a previous exit from the industry. The agreed sale price for Bulk Joyance is nearly $9 million higher than the purchase price of this ship six years ago.
These sales are part of a broader plan for fleet renewal. HNA announced earlier this year that it may sell between one to six older ships in 2026 and 2027, in exchange for a similar number of ships aged 15 years or less. Newcastlemax and Supramax ships are among the types under consideration.
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