Transportation Recovery Fund has offloaded its five-year-old and only VLCC. Brokers are reporting the sale of the 2018-built scrubbed-fitted TRF Horten for $102m.
Market sources suggest the ships’ value at about $104m, but analysts at Pareto Securities note that a price difference could be due to the vessel having been built at Agila Subic Shipyard in the Philippines.
TRF, whose shipping business is run by Fearnleys-linked TRF Ship Management in Oslo, ordered two VLCCs at the same yard in 2014 for $96m per ship, of which one was sold to Denmark’s Navigare Capital in 2021 for about $70.5m.
The 297,600 dwt TRF Horten has been trading in Tankers International’s sub-pool of modern scrubber-fitted VLCCs since June last year. Despite a recent uptick in most tanker segments, the VLCC market has been experiencing a downward trend in rates, which consequently affected values. Specifically, in TRF Horten‘s case, the price fell from around $105.3m in the last 20 days, according to secondhand valuation data.
