Vintage VLCC sales proliferate

While a bulker sale has been concluded almost daily in 2021, tanker sales have been rare. A notable upturn was registered last week as activity picked up, pushed by the upcoming Chinese New Year.

Vintage VLCCs are again in vogue, with four rusty giants reported sold within a week. Early last week sales chatter surrounded an old workhorse belonging to heavyweight John Angelicoussis and his outfit, Maran Tankers. Now Advanced Shipping and Trading report that the same ship, the 20-year-old 306,300-dwt Maran Castor with special survey and dry-docking due, has been sold to Chinese interests for $22m.

Advanced also reports that another Greek outfit is cutting its exposure in the same segment. Hellenic Tankers is reported selling one-third of its VLCC arm, selling the same aged, slightly bigger 309,000 dwt, Marion for just over $24m, also to Chinese buyers.

The two sales follow in the footsteps of two other widely reported sales, two 2002-built VLCCs, the 306,999 dwt Eagle Virginia and Eagle Vermont. These ships were noted sold to Chinese buyers for $24.5m each.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
Back to top button