It has been a month since the last vintage VLCC was reported sold. Now, a new deal is in the making involving a 318,000 dwt rusty workhorse named Timmus. Sources tell Splash that the ship has been sold for around $31m.
The 21-year-old tanker has changed hands for the fifth time in three years. In 2020, the ship was named Seaways Mulan and sold for $23.5m by US-based International Seaways to Oia Shipping. VesselsValue shows that the ship then changed hands to a Chinese outfit called Youfu Shipping. Youfo renamed the ship Xiao Zhu Shan. It was then sold again to an undisclosed Hong Kong-registered outfit, and renamed Yannis. It ended up with an outfit called Yangfan Ship Management.
Demand for vintage tanker tonnage has been showing signs that it has peaked.
In a recent report brokers Gibson described challenges to the vintage end of the market, arguing there is a sense that the modern end is set for imminent firming.
Really, actually, sold, ie the ship has changed hands in a transaction for the stated price between a willing seller and a willing buyer without notice of the ship’s earlier trading history apart from what is publicly available?
“If seven maids, with seven mops
Should sweep for half a year,
Do you suppose, the Walrus said
That they could get it clear?”
“I doubt it, said the Carpenter,
And shed a bitter tear…”