From Acquisition to Return: Eastern Navigation’s Asset Play

In 2017, Eastern Navigation acquired the anchor-handling tug supply (AHTS) vessel (formerly Sanko Energy) from Sanko Steamship. Purchased at a highly competitive price of USD 5.8 million, it was significantly below market expectations at the time. The acquisition marked a strategic move by the company to capitalise on a distressed offshore market.

Over the next five years, Eastern Navigation actively managed the vessel, deploying it on various contracts including a major semi-submersible drilling support project from December 2019 to May 2021.

In 2022, the company sold the vessel (renamed ENA Shogun) to Chinese interests for approximately USD 13 million, realising a substantial return on its original investment. The sale also underscores a broader firming of the large AHTS market, driven by limited available units, increased offshore renewable demand in China, and the removal of older vessels from the global fleet.

Read the original article at https://www.oedigital.com/news/496033-what-goes-around-comes-around-sale-of-ex-sanko-energy-firming-ahts-values