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| # KYOEI TANKER CO., LTD. - VESSEL INVENTORY FOR NAV ANALYSIS | |
| **Generated:** 2025-07-12 14:30:46 | |
| **Model:** gemini-2.5-flash-preview-04-17 | |
| **Sources analyzed:** 17 | |
| ## VESSEL INVENTORY | |
| **Total Vessels Identified:** 17 | |
| ### ACTIVE VESSELS (12) | |
| #### 1. KYO-EI | |
| - **IMO:** 9663843 | |
| - **Type:** Crude Oil Tanker (VLCC) | |
| - **DWT:** 313,990 | |
| - **Build Info:** | |
| - Year: 2014 | |
| - Shipyard: Japan Marine United Corp - Ariake, Japan | |
| - Build Country: Japan | |
| - **Physical Specs:** | |
| - Length: 335m | |
| - Other Dimensions: Beam: 60 m, Draught: 21 m | |
| - **Market Value:** 78891699 (Shipvault.com) | |
| - **NAV Notes:** Owned via subsidiary Ocean Link Maritime SA | |
| #### 2. GEN-EI | |
| - **IMO:** 9814117 | |
| - **Type:** Crude Oil Tanker (VLCC) | |
| - **DWT:** 312,605 | |
| - **Build Info:** | |
| - Year: 2018 | |
| - Shipyard: Japan Marine United Corp - Ariake, Japan | |
| - Build Country: Japan | |
| - Build Conflicts: Minor differences in DWT and GT between sources | |
| - **Physical Specs:** | |
| - Length: 339.5m | |
| - Other Dimensions: Beam: 60 m, Draught: 21 m | |
| - **Acquisition:** 2018-03-23 for 90500000 | |
| - **Market Value:** 107142067 (Shipvault.com) | |
| - **Charter:** Shared vessel, chartered to Cosmo Oil (historical), chartered to NYK (current) | |
| - **NAV Notes:** Owned in partnership with Nippon Yusen Kabushiki Kaisha. New price listed in Shipvault. | |
| #### 3. TENRYU | |
| - **IMO:** 9827358 | |
| - **Type:** Crude Oil Tanker (VLCC) | |
| - **DWT:** 312,611 | |
| - **Build Info:** | |
| - Year: 2019 | |
| - Shipyard: Namura Shipbuilding Co Ltd - Imari, Japan | |
| - Build Country: Japan | |
| - **Physical Specs:** | |
| - Length: 338.95m | |
| - Other Dimensions: Beam: 60 m, Draught: 21 m | |
| - **Charter:** Owned via subsidiary Pyxis Maritime SA, managed by NYK Line Ltd | |
| #### 4. HOU-EI | |
| - **IMO:** 9852781 | |
| - **Type:** Crude Oil Tanker (VLCC) | |
| - **DWT:** 311,745 | |
| - **Build Info:** | |
| - Year: 2020 | |
| - Shipyard: Japan Marine United Corp - Kure, Japan | |
| - Build Country: Japan | |
| - **Physical Specs:** | |
| - Length: 339.5m | |
| - Other Dimensions: Beam: 60 m, Draught: 21 m | |
| - **Acquisition:** 2020-02-07 | |
| - **Market Value:** 126349612 (Shipvault.com) | |
| - **Charter:** Owned via subsidiary Ocean Link Maritime SA, shared with Clematis Shipholding SA | |
| - **NAV Notes:** Shared ownership. | |
| #### 5. TENZAN | |
| - **IMO:** 9851593 | |
| - **Type:** Crude Oil Tanker (VLCC) | |
| - **DWT:** 312,524 | |
| - **Build Info:** | |
| - Year: 2020 | |
| - Shipyard: Namura Shipbuilding Co Ltd - Imari, Japan | |
| - Build Country: Japan | |
| - **Physical Specs:** | |
| - Length: 338.95m | |
| - Other Dimensions: Beam: 60 m, Draught: 21 m | |
| - **Acquisition:** for 80000000 | |
| - **Market Value:** 125985241 (Shipvault.com) | |
| - **Charter:** Owned via subsidiary Allegiance Maritime SA | |
| - **NAV Notes:** New price listed in Shipvault. | |
| #### 6. TOKIWA | |
| - **IMO:** 9906776 | |
| - **Type:** Crude Oil Tanker (VLCC) | |
| - **DWT:** 312,473 | |
| - **Build Info:** | |
| - Year: 2021 | |
| - Shipyard: Namura Shipbuilding Zosen - Imari, Japan | |
| - Build Country: Japan | |
| - **Physical Specs:** | |
| - Length: 338.95m | |
| - **Acquisition:** for 95000000 | |
| - **Market Value:** 136565646 (Shipvault.com) | |
| - **Charter:** Owned via subsidiary Allegiance Maritime SA | |
| - **NAV Notes:** New price listed in Shipvault. | |
| #### 7. LEGEND PROSPERITY | |
| - **IMO:** 9723679 | |
| - **Type:** LPG Tanker (VLGC) | |
| - **DWT:** 55,133 | |
| - **Build Info:** | |
| - Year: 2016 | |
| - Shipyard: Mitsubishi Heavy Industries Ltd - Nagasaki, Japan | |
| - Build Country: Japan | |
| - **Physical Specs:** | |
| - Length: 230m | |
| - Other Dimensions: Beam: 37 m, Draught: 11.6 m | |
| - **Market Value:** 106605654 (Shipvault.com) | |
| - **Charter:** Owned via subsidiary Norma Maritime SA | |
| #### 8. LEGEND PRESTIGE | |
| - **IMO:** 9773234 | |
| - **Type:** LPG Tanker (VLGC) | |
| - **DWT:** 55,076 | |
| - **Build Info:** | |
| - Year: 2017 | |
| - Shipyard: Mitsubishi Heavy Industries Ltd - Nagasaki, Japan | |
| - Build Country: Japan | |
| - **Physical Specs:** | |
| - Length: 230m | |
| - Other Dimensions: Beam: 37 m, Draught: 11.6 m | |
| - **Market Value:** 115544016 (Shipvault.com) | |
| - **Charter:** Owned via subsidiary Ocean Link Maritime SA, managed by NYK Line Ltd | |
| #### 9. MARIE | |
| - **IMO:** 9912880 | |
| - **Type:** LPG Tanker | |
| - **DWT:** 7,483 | |
| - **Build Info:** | |
| - Year: 2022 | |
| - Shipyard: Kyokuyo Shipyard Corp - Chofu, Japan | |
| - Build Country: Japan | |
| - Build Conflicts: Shipyard listed as Kyokuyo Zosen Tekko KK Shimonoseki in Shipvault | |
| - **Physical Specs:** | |
| - Length: 119.98m | |
| - Other Dimensions: Beam: 20 m, Draught: 7.2 m | |
| - **Market Value:** 38865465 (Shipvault.com) | |
| - **Charter:** Owned via subsidiary Kyoei Tanker Singapore Pte Ltd, managed by Geogas Trading SA | |
| - **NAV Notes:** Acquired in FY2023. | |
| #### 10. PAUL | |
| - **IMO:** 9975715 | |
| - **Type:** LPG Tanker | |
| - **DWT:** 19,521 | |
| - **Build Info:** | |
| - Year: 2024 | |
| - Shipyard: Hd Hyundai Mipo Dockyard Co Ltd - Ulsan, South Korea | |
| - Build Country: South Korea | |
| - Build Conflicts: Shipyard listed as Hyundai Mipo Dockyard Co Ltd Ulsan in Shipvault | |
| - **Physical Specs:** | |
| - Length: 159.96m | |
| - Other Dimensions: Beam: 26 m, Draught: 9.5 m | |
| - **Acquisition:** 2024-04 for 6907000000 | |
| - **Market Value:** 54961000 (Shipvault.com) | |
| - **Charter:** Owned via subsidiary Kyoei Tanker Singapore Pte Ltd, managed by Geogas Trading SA | |
| - **NAV Notes:** Acquired in April 2024. Acquisition cost in JPY. | |
| #### 11. KT BIRDIE | |
| - **IMO:** 9597343 | |
| - **Type:** Bulk Carrier (PANAMAX) | |
| - **DWT:** 74,886 | |
| - **Build Info:** | |
| - Year: 2011 | |
| - Shipyard: Sasebo Heavy Industries - Sasebo, Japan | |
| - Build Country: Japan | |
| - **Physical Specs:** | |
| - Length: 225m | |
| - Other Dimensions: Beam: 32.2 m, Draught: 14.14 m | |
| - **Charter:** Owned by Kyoei Tanker, managed by Sandigan Ship Services. | |
| #### 12. NORD SATURN | |
| - **IMO:** 9644536 | |
| - **Type:** Bulk Carrier (PANAMAX) | |
| - **DWT:** 77,288 | |
| - **Build Info:** | |
| - Year: 2012 | |
| - Shipyard: Oshima Shipbuilding - Saikai, Japan | |
| - Build Country: Japan | |
| - **Physical Specs:** | |
| - Length: 225m | |
| - **Market Value:** 18765973 (Shipvault.com) | |
| - **Charter:** Owned by Kyoei Tanker, managed by Sandigan Ship Services. | |
| ### SOLD VESSELS (3) | |
| #### 1. TOHSHI | |
| - **IMO:** 9320843 | |
| - **Type:** Crude Oil Tanker (VLCC) | |
| - **DWT:** 300,363 | |
| - **Build Info:** | |
| - Year: 2007 | |
| - Shipyard: Ihi Marine United Inc - Kure, Japan | |
| - Build Country: Japan | |
| - Build Conflicts: Shipvault listed this IMO under the name CHALLENGE PROCYON with different details. | |
| - **Physical Specs:** | |
| - Length: 333m | |
| - Other Dimensions: Beam: 60 m, Draught: 20.5 m | |
| - **Sale:** 2024-04-18 (gain: 5800291000) | |
| - **Book Value:** 649000000 | |
| - **Charter:** Owned via subsidiary Allegiance Maritime SA, sale due to end of charter. | |
| - **NAV Notes:** Sold in Apr 2024. Book value as of Mar 31, 2024 from S100TX4N. Gain on sale reported in consolidated FY2025 results. | |
| #### 2. CHALLENGE PROCYON | |
| - **IMO:** 9527403 | |
| - **Type:** Oil Products Tanker (MR) | |
| - **DWT:** 45,996 | |
| - **Build Info:** | |
| - Year: 2011 | |
| - Shipyard: Shin Kurushima Hiroshima Dockyard Co Ltd - Hiroshima, Japan | |
| - Build Country: Japan | |
| - Build Conflicts: Shipvault lists owner as Velos Tankers Ltd and flag as Panama. EDINET confirms Kyoei subsidiary ownership and Singapore flag. | |
| - **Physical Specs:** | |
| - Length: 181.54m | |
| - Other Dimensions: Beam: 32.2 m, Draught: 12.1 m | |
| - **Sale:** 2025-04-01_to_2025-07-31 (gain: 1600000000) | |
| - **Market Value:** 30312782 (Shipvault.com) | |
| - **Charter:** Owned via subsidiary Kyoei Tanker Singapore Pte Ltd, planned for sale in Apr-Jul 2025 due to end of charter. | |
| - **NAV Notes:** Sale planned in FY2026, gain expected in FY2026. | |
| #### 3. SAGAR MOTI | |
| - **IMO:** 9583146 | |
| - **Type:** Bulk Carrier (HANDYSIZE) | |
| - **DWT:** 58,097 | |
| - **Build Info:** | |
| - Year: 2011 | |
| - Shipyard: Tsuneishi Shipbuilding - Fukuyama, Japan | |
| - Build Country: Japan | |
| - Build Conflicts: Shipvault lists owner/manager as Fleet Shipmanagement and name as MS IRENE NAZIK. | |
| - **Physical Specs:** | |
| - Length: 190m | |
| - Other Dimensions: Beam: 32 m, Draught: 6.5 m | |
| - **Sale:** 2022-12 | |
| - **Book Value:** 1280000000 | |
| - **Charter:** Owned via subsidiary Lyra Maritime SA, sold in Dec 2022. | |
| - **NAV Notes:** Book value before sale from S100R97K. | |
| ### UNDER CONSTRUCTION VESSELS (2) | |
| #### 1. TBN | |
| - **Type:** LPG Tanker | |
| - **DWT:** 9,500 | |
| - **Build Info:** | |
| - Build Country: UNKNOWN | |
| - **Acquisition:** for 4980000000 | |
| - **Book Value:** 2501000000 | |
| - **NAV Notes:** Under construction, amount paid as of Mar 31, 2025 and total planned investment from S100W7NI. Estimated delivery Aug-Oct 2025. | |
| #### 2. TBN | |
| - **Type:** LPG Tanker | |
| - **DWT:** 7,500 | |
| - **Build Info:** | |
| - Build Country: UNKNOWN | |
| - **Acquisition:** for 4230000000 | |
| - **Book Value:** 1058000000 | |
| - **NAV Notes:** Under construction, amount paid as of Mar 31, 2025 and total planned investment from S100W7NI. Estimated delivery Mar 2027. | |
| ## NAV ANALYSIS SUMMARY | |
| - **Total vessels identified:** 17 | |
| - **Vessels with financial data:** 13 | |
| - **Vessels with market value estimates:** 11 | |
| ### Build Country Breakdown (Valuation Impact): | |
| - **Japan:** 14 vessels → PREMIUM VALUATION | |
| - **South Korea:** 1 vessels → PREMIUM VALUATION | |
| - **UNKNOWN:** 2 vessels |
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2. CHALLENGE PROCYON
incorrectly categorized as SOLD