A view of the deck of one of Hin Leong’s VLCCs in the waters off Jurong Island in Singapore in July 2019. – REUTERSPIXAbout one-third of the roughly 150 ships owned by companies controlled by Singapore tycoon Lim Oon Kuin and his family have been sold as part of efforts to repay billions of dollars of debt owed to creditors, two sources told Reuters.
The ships owned by the Xihe group have been sold at prices of US$2 million to US$3 million each for coastal barges and around US$30 million each for very large crude carriers , said the two sources. The sources declined to be named as they were not authorised to speak with media. A Lim family representative, their lawyer and Grant Thornton did not immediately reply to a Reuters request for comment on the sale of the vessels.
Other assets being sold include the family's stake in Universal Terminal and a lubricant plant in Singapore.