Ridgebury quits the VLCC trades

Bob Burke-led Ridgebury Tankers has exited the VLCC trades with multiple broking houses reporting the sale of the company’s last two vintage supertankers.

Ridgebury has sold two 2000-built VLCCs – Ridgebury Progress and Ridgebury Purpose -for $24m each. VesselsValue values each vessel at $25m. The tankers are believed to have been acquired by a Chinese refiner for storage purposes.

Meanwhile, Ridgebury has just recirculated a pair of suezmaxes for sale after a deal for the 2001-built Ridgebury Alina L and the 2002-built Ridgebury Astari fell through last month. Brokers reckon the suezmax pair are worth around $17m to $18m each. VesselsValues’ valuation on the Ridgebury Alina L and the Ridgebury Astari stands at $16.8m and $17.8m respectively.

Earlier this year, Ridgebury also sold another 2000-built VLCC, the Ridgebury Pride, for $25m.

After this VLCC exit, the Ridgebury fleet is made up of nine suezmaxes, six MRs and two handysize tankers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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