Vintage VLCCs are back in fashion

Vintage VLCCs are back in fashion

London: This week saw a string of S&P transactions for older VLCC tonnage at favourable prices, at least one of which is bound for conversion.

Greece’s New Shipping is said to have paid Japan’s NYK Line $27m for the 15-year-old VLCC Takasuzu (208,000 dwt, built 2000), according to data from London-based shipbroker Alibra Shipping.

This is New Shipping’s second vintage VLCC acquisition in recent months. In early February, Polemis-led company bought the GC Haikou (298,600 dwt, built 2000) for $31m.

The 17-year-old Al Saheia (310,000 dwt, built 1998) was bought this week by unnamed interests from Kuwait Oil Tanker Co for $26.5m, Alibra says.

Earlier this week, Cardiff Marine was reported to have sold its 18-year-old VLCC Universal Prime (301,200 dwt, built 1997) to unknown buyers for $31m. Reports say the vessel is to be converted into an FSPO.

Online valuation platform VesselsValue.com values 2000-built VLCCs at $29.79m and 1998-built vessels at $23.53m, based on 300,000-dwt vessels.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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