Weak demo rates have seen a vintage VLCC that had been primed for scrapping find an alternative way to see out its last years.
The 20-year-old DSME-built Maran Callisto, belonging to John Angelicoussis’s Maran Tankers, has been sold to Chinese storage buyers for $18m, according to Clarksons Research who noted in their most recent weekly report that the price differential between scrap value and secondhand value proved too great to see this older vessel sold for scrap.
Scrap rates have plunged in recent months and now stand at around $350 per ldt.
“Frustratingly for those involved in the recycling industry, many older vessels continue to be bought for further trading against the backdrop of strong freight markets. Therefore, whilst there are more units in the market, actual recycling sales remain limited,” Clarksons Research noted.