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Rash of VLCC sales

China’s HNA Group has sold the 2016-built Hangzhou VLCC for $60m to New Shipping. Built at Jinhai Heavy Industries in China the 319,611 dwt tanker sets what Clarksons Research described in its latest weekly report as a “new benchmark low” for VLCC, with the broker stating the sale also highlights the “large price difference” between Japanese/Korean builtand Chinese built VLCCs.

The last comparable modern VLCCs sold were the two Hyundai Heavy Industries resales from Metrostar to Frontline for $84m in June this year.

New Shipping has been very active in the past few days, also picking up the MOL-controlled Perseus Trader VLCC. The price for the 300,100 dwt, 13-year-old, Japanese built ship has not been revealed.

In other VLCC sale news, Singapore’s BW Group has disposed of one its older tankers. Indian outfit Seven Islands Shipping has forked out $23.5m for the 2000-built BW Ulan for prompt delivery.

VLCC rates have picked up dramatically in recent weeks, hitting a nine-month high by the end of last week.

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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