Mercator confirms sale of its last VLCC

Mercator confirms sale of its last VLCC

India’s Mercator has confirmed the sale of 2006-built VLCC Nerissa for $27.5m, nearly five months after it was initially reported as sold to Greece’s NGM Energy.

The Chinese-built Nerissa achieved fame when it was sold to Mercator in 2008 by Nobu Su’s TMT for $170m, one of the highest prices ever paid for a VLCC.

The vessel was reported as sold in December 2018 to NGM for a price of $34m, and by April brokers reported the sale again at a substantially lower price.

The vessel is now listed in the NGM Energy fleet on VesselsValue under the name Respect. The online valuation portal puts a fair market value on the tanker at $32.79m.

Mercator says the sale is part of its strategic plan, and funds will be used to reduce debt and other liabilities. It now has a fleet of three tankers made up of an aframax and two handy tankers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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