Blue Lines exits MR sector

Blue Lines Shipping continues to trim its tanker fleet. Sources says the Dubai-based outfit has offloaded the 2008-built MR tanker Bursa.

If finalised the sale will mark an exit from the MR sector for Blue Shipping leaving it with two six-year old aframax tankers.

The Bursa has been a rather costly affair for the Middle Eastern tanker player. Blue Lines bought the ship for $22m in June last year, and now sources says it fetched a disappointing $17.4 m, significantly lower of what online portal VesselsValue.com values the ship at.

Brokers tell Splash that Island Navigation, part of the Hong Kong Tung family empire, is behind the purchase.