Tanker giants Euronav and Frontline have continued to clear out older tonnage with disposals in the suezmax segment.
John Fredriksen’s New York- and Oslo-listed firm has confirmed the sale of the 2010-built 157,000 dwt Front Loki, netting $46.9m from the deal with some brokers speculating Norwegian buyers. The vessel is expected to change hands in the second quarter.
Meanwhile, market sources and brokers have listed Euronav’s 2009-built 157,714 dwt Fraternity as sold to NGM Energy of Greece for $51m. The Alex Saverys-led tanker player has yet to confirm the deal for the Samsung-built unit, which should leave the Antwerp-based dual-listed company with 25 suezmaxes in its fleet.
The Moundreas family’s NGM has also picked up the first of three Frontline’s oldest suezmaxes the 2010-built Front Odin, earlier this year for $45m. After the latest sale, Frontline will be left with 23 suezmaxes with the 2010-built Front Thor as the oldest unit.
Both companies earlier this year also captured firm pricing for older vessels in the largest tanker segment with disposals of 14–16-year-old VLCCs as part of the move to shake out the remaining non-eco units.
