Greek owner Kyklades Maritime has almost doubled its money on a 2009-built VLCC it has just sold for $62m, offloading the Imabari-built, 310,000 dwt Limnia. The ship was added from Nippon Yusen Kaisha (NYK) for $38m in July 2021.
. The ship was added from Nippon Yusen Kaisha (NYK) for $38m in July 2021.The Greek tanker player has decided to let go of its only VLCC despite the fact that the ship could be easily fixed at close to $100,000 per day with Kyklades joining a string of other Greek owners cashing in and selling ships in the current hot tanker market.
VLCC spot rates have strengthened since mid-February, recently surpassing $100,000 a day. Increased Far East demand, particularly to China, has led to a jump in cargo volumes out of the Middle East, West Africa, and US Gulf.
It is interesting to note that crude oil demand is raising in Far East (China).