Tanker watchers keep an eye on JX Ocean’s VLCC sale

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.

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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