MOL offloads elderly VLCC

Japanese shipping heavyweight Mitsui OSK Lines (MOL), who has 31 VLCCs in its stable, has just let go of one of its oldest supertankers, selling the 2004-built Oriental Jade, for around $28m, sources tell Splash.

MOL is in the middle of a tanker renewal process. It has 10 VLCCs built around 2005, many of which are expected to be sold as it recently took delivery of seven VLCC newbuilings.

The taker of the ship has still not been revealed but tanker sources point towards Ravi Mehrotra’s family-owned Foresight Group. The opportunistic UK-based outfit bought one vintage VLCC in 2018 keen to focus on India’s ballooning imports of oil.

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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