The fleet rejuvenation scheme at Japan’s JX Ocean will reach an interesting crossroads this Wednesday.
JX Ocean – part of oil firm JX Group and the result of a merger in 2014 between JX Tanker and JX Shipping – has put its 2002-built VLCC Nichinori up for sale with inspections taking place last week.
Offers are set to be invited this Wednesday. However, with the S&P market now silent on the VLCC front it remains unclear whether or not JX Ocean will be able to get a decent price for the Universal Shipbuilding-built tanker.
“With the current market sentiment, it will be interesting to see what level the ship achieves relative to last done levels,” Clarkson Research noted in its most recent weekly report.
In early February this year JX Ocean sold another 2002-built ship as part of its fleet rejuvenation plan, accepting a $10.8m offer from Greece’s Eurotankers for the Shin Ei aframax.
Twelve months ago, JX Ocean ordered two new VLCCs at Japan Marine United.