AsiaTankers

MOL offloads VLCC

Mitsui OSK Lines (MOL) 30-ship strong VLCC arm has let go of the 15-year-old Otowasan for around $27m.

The sale of the 302,477 dwt Kawasaki-built ship is MOLs first VLCC sale since October last year. The sale comes at a time where VLCC rates have tumbled to their lowest levels since February.

The deal reflects a price drop of more than $2m per month since the last comparable sale sealed a few months back. In late April pricing portal VesselsValue noted that the same aged 309,200 dwt Samsung-built Olympic Leader changed ownership for $39.7m at a time when VLCCs were getting six-digit figures per day in the spot market.

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.

Comments

  1. Thanks for the interesting info /article. A small suggestion to make it even more interesting is to when possible Try to to get in info on DryDock status when the sale was done as it logically impacts the valuation so much.

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