NYK finds Greek buyer for troubled VLCC

Nippon Yusen Kaisha (NYK) has found a buyer for a long-idled VLCC. The 2002-built Taizan has been sold for just $15.5m, according to Clarkson Research, with Greece’s Prominence Maritime understood to be the buyer.

Prominence Maritime is run by Ioanna Procopiou, the daughter of Dynacom’s George Procopiou, and her husband John Kairis.

The Japanese built VLCC was sold on the cheap – some $6m less than a similarly aged VLCC in May – as it had “well documented maintenance issues”, Clarkson Research noted, adding that this price should not be seen to be reflective of overall market conditions in the VLCC space.

“As such, the unit was marketed to both further trading and recycling buyers, and the price achieved represents a small premium to demolition levels (around low $15ms basis today),” Clarkson Research concluded.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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