Chinese shipbuilders acquire six offshore support vessels from a bankrupt Greek ship owner at a bargain price
2019-02-25 09:00
Image: "Toisa Dauntless"
Six offshore support vessels (OSVs) were sold for a total price of just $19.3 million. China's Hua Chen Group acquired the last six vessels of the bankrupt Greek shipowner Toisa. To repay its debts, Toisa sold all 21 OSVs in its fleet, completing the largest asset sale by an offshore engineering shipowner recently. However, this excludes two "cancelled orders" from Wuhan Shipbuilding Industry Corporation.
Hua Chen Group's acquisition of six OSVs, all built by Wuhan Shipbuilding Industry Corporation
On February 22, Toisa sold six OSVs to China Hua Chen Group Co., Ltd. for approximately $19.3 million.
VesselsValue data shows that the six OSVs include three large platform supply vessels (PSVs): "Toisa Sonata" ($4.5 million), "Toisa Solitaire" ($4.5 million), and "Toisa Serenade" ($3.5 million); and three large anchor handling tug supply vessels (AHTSs): "Toisa Defiant" ($1.6 million), "Toisa Dauntless" ($2.6 million), and "Toisa Daring" ($2.6 million).
Data shows that these six OSVs have been largely idle since 2015-2016. VesselsValue's valuation of the six OSVs totaled $22.9 million, $3.6 million higher than Hua Chen Group's purchase price.
Clarkson's data shows that all six OSVs were built by Wuhan Shipbuilding Industry Corporation. Three PSVs were delivered between 2008 and 2009, while the other three AHTSs were delivered between 2006 and 2007.
After acquiring these six OSVs, Hua Chen Group's OSV fleet has significantly increased. Currently, according to Hua Chen Group's official website, the company's fleet includes five PSVs and two AHTSs, as well as eight self-elevating multi-functional support platforms (liftboats), three crew boats, and other vessels.
It is understood that China Hua Chen Group Co., Ltd. was established in 2007, headquartered in Hong Kong, and its main businesses involve international dry bulk shipping, large-scale offshore engineering contracting, and ship leasing, buying, and management. Hua Chen Group focuses on the development of self-elevating multi-functional support platforms and crew boats, with business covering design, construction, buying, leasing, management, and offshore engineering services.
Toisa sells all 21 OSVs, leaving only two cancelled orders from Wuhan Shipbuilding
Over the past year, Toisa has been continuously selling its vessels to repay its debts. Due to debts exceeding $1 billion, in January 2017, Toisa and its 23 affiliated ship companies filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code with the Southern District of New York Bankruptcy Court.
VesselsValue data shows that in November 2017, Toisa first sold its multi-purpose support vessel (MPSV) "Toisa Patroklos" to Allseas for approximately $95 million.
Then, in October 2018, Toisa sold five OSVs through auction, including two MPSVs and three PSVs. The MPSV "Toisa Proteus" was sold to Micoperi for $10.85 million, and the MPSV "Toisa Perseus" was sold to Navieros del Golfo SA for $7.4 million. The large PSV "Toisa Intrepid" was sold to GSP for $550,000, the medium PSV "Toisa Coral" was sold to Krudo Technology for $8.7 million, and the medium PSV "Toisa Conqueror" was sold to ACSM for $1.4 million.
In November 2018, the diving support vessel (DSV) "Toisa Pegasus" was sold to Subsea 7 for $38.95 million. Also in November, the large PSV "Toisa Invincible" was sold to the US company DP Acquisitions INC for $500,000.
In December 2018, Singapore shipowner Eastern Navigation acquired four OSVs, including one MPSV ("Toisa Wave") and three AHTSs ("Toisa Explorer," "Toisa Envoy," and "Toisa Elan"). The MPSV was sold for $5 million, and each AHTS was sold for $6 million.
In December of the same year, Toisa sold the DSV "Toisa Paladin" to James Fisher Shipping for $20.3 million. In January, the PSV "Toisa Independent" was sold at auction to Denmark's A1 Offshore for $1.85 million. In February, the PSV "Toisa Crest" was sold to Greek shipowner Maritech, with the price undisclosed. 
Image: "Toisa Resolute"
In addition, Toisa's fleet includes two under-construction MPSVs, "Toisa Resolute" and "Toisa Reveille," built by Qingdao Wuchuan Shipbuilding Industry Corporation, which are among the world's most advanced underwater robot support vessels (RSVs). These two RSVs were ordered in 2015, but Toisa cancelled the orders in 2018. Currently, the new vessels are owned by Qingdao Wuchuan Shipbuilding Industry Corporation and therefore not part of the Toisa fleet sale.
At that time, Toisa ordered these two RSVs at a price of $55 million each. This price was about $5 million lower than the European shipyard's quotation, but the final cost of building the RSV may reach $60 million each. However, the current selling price of Qingdao Wuchuan Shipbuilding Industry Corporation may only be $45 million each, which is 25% lower than the construction cost.
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