Delivery closed on 24 February 2024 to a Malaysian buyer; vessel now trading as MT Lady Sainun (IMO 9644689, MMSI 525801312).

HANOI/HAI PHONG — SVC Marine has concluded the sale of the oil tanker Southern Wealth, since renamed MT Lady Sainun, to a Malaysian client following an eight-month holdup in bank disbursement. The deal was completed with delivery on 24 February 2024 in Vietnam.

Executives said the transaction stalled when the financing bank in Malaysia delayed release of funds. Over the ensuing months, Daniel (Director, SVC Marine) led repeated in-person meetings and escorted the lender’s appraisal team through on-site inspections, document reviews and valuation work until the financing was cleared and closing could proceed.

Key facts

New name: MT Lady Sainun
Former name: Southern Wealth
IMO / MMSI: 9644689 / 525801312
Call sign (ex-VN): 3WKW9
Type: Oil tanker (double-hull)
Build / place: 2015, Vietnam
Principal dimensions: LOA 91.94 m, Beam 15.30 m, Draft 6.34 m
Tonnage / DWT: 2,969 GT / 4,998.8 DWT
Main engine power: 1,765 kW
Port of registry (ex-name): Hai Phong

The backstory

For much of 2023–24, the sale faced a single obstacle: liquidity. The Malaysian lender sought multiple rounds of appraisal and risk testing; communications cycled between credit, legal and technical teams. SVC Marine kept the file open—coordinating surveys, updating compliance papers and maintaining buyer and seller alignment—until disbursement was authorised. With funds released, final documents were executed and the ship was delivered on 24 February 2024.

“Eight months is a long runway for any S&P file. Persistence, transparent documentation and hands-on lender engagement made the difference,” said an SVC Marine spokesperson.

Transaction highlights

Buyer: Malaysia
Delivery: 24 Feb 2024, Vietnam
Status: Delivered and renamed MT Lady Sainun; in service successful transferred to BKI classification.