Since the disruption in the Strait of Hormuz tightened global LNG supply and drove prices higher, seven large LNG carriers built between 2005 and 2006 have changed hands. As Asian buyers scramble for alternative supply sources, 20-year-old LNG vessels have become hot property in the secondhand market. The buyer behind one of the latest sales has now emerged: Chinese-linked Rising Universe Shipping, managed by Dongtinghu Shipping, acquired GasLog's 145,000 cu m Methane Rita Andrea for around $30 million. The ship now sails under the Hong Kong flag, renamed Grand Reach, and is currently located in the South China Sea.
A clear pattern is emerging in transactions involving vessels in this age segment. Buyers are frequently listed as "unknown Chinese" entities in VesselsValue's fleet register, while several ships have recently been reflagged to Russia. In April, four LNG carriers of similar size, previously managed by Oman Ship Management, switched to Russian flags. The former Omani quartet — now renamed Orion, Kosmos, Merkuriy, and Luch — have reappeared under new ownership structures. Luch is reportedly registered to Russian company Abakan, while Kosmos is listed under Chinese ownership.
One of the vessels was recently spotted near the sanctioned floating storage unit Saam off the Kola Peninsula. The ships display several characteristics commonly associated with shadow fleet activity, including advanced age for LNG carriers and transfers to little-known ownership structures. Russia is meanwhile continuing to market sanctioned LNG cargoes at steep discounts to attract buyers.
The Strait of Hormuz disruption has created a supply bottleneck in the Asian LNG market, forcing major importers like China and India to turn to alternative sources such as the United States and Qatar. The surge in spot LNG prices has increased the economic value of older tonnage, making 20-year-old vessels attractive. Industry observers believe some of these acquisitions are designed to support sanctioned Russian LNG transport operations.
VesselsValue data shows that the average transaction price for 2005-2006 vintage LNG carriers has risen by 25% in the past three months. Flag changes and unknown ownership structures have raised concerns that these vessels may be used in gray-market LNG transport. Western energy security analysts assess that Russia is encouraging such acquisitions to circumvent European sanctions.
Key Takeaways:
1. Seven large LNG carriers built 2005-2006 changed hands post-Hormuz crisis, with buyers identified as unknown Chinese and Russian entities.
2. Chinese-linked Rising Universe Shipping acquired GasLog's 145,000 cu m Methane Rita Andrea for around $30 million.
3. Four former Omani-flagged LNG carriers switched to Russian flags in April and reappeared under new names.
4. The vessels display characteristics associated with shadow fleet activity, including advanced age and unknown ownership structures.
5. Average transaction price for 2005-2006 vintage LNG carriers rose 25% in the past three months.
