Talk about a potential sale of the six-year-old, 320,000 dwt Madison Orca is getting juicier. Chatter about the potential sale started a week ago. One unconfirmed broker report notes that the ship is being sold as a part cash, part share deal. Euronav again is linked as the buyer. No price has been revealed.
The ship under its former name A Whale is worth a story in itself. The A Whale was originally one of a series of Very Large Ore Oilers (VLOOs) built for Nobu Su’s TMT that was converted in 2010 into the world’s biggest pollution skimmer following the Deepwater Horizon disaster. This experiment failed and the ship was converted to an ordinary, albeit large, VLCC. The ship was sold at auction in 2014 for $60m and brokers note it would fetch a similar number today.
With the sale the owner of the ship, Monarch Alternative Capital is poised to exit direct shipowning.