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.