HMM sets new price benchmark with latest VLCC acquisition

Tanker buyers are franticly calling their bankers, eager to secure loans and dip their investments back into the suddenly bullish market. Sellers are also smiling, offloading ships at a time when new benchmarks are being set weekly. Brokers, meanwhile, are counting down the days till 2022 experiences the first secondhand VLCC to go for more than $100m.

This week, sales talk is surrounding the first modern VLCC shifting hands since June. Multiple brokers report that the three-year-old, 300,000 dwt C. Guardian has been sold for $98m by Korean owner SK Shipping. Compatriot owner Hyundai Merchant Marine (HMM) is the buyer of the ship. The price is $3 more than Greek tycoon Nikolas Tsakos was reported paying for the one-year younger Hyundai Heavy-built Elandra Everest at the end of June.

With the dramatic upswing in VLCC earnings, the Baltic Exchange has repeatedly set higher five-year secondhand values for tankers over the past weeks, which now stand at $81.2m, up 12% this year.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.


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