Vintage VLCCs find new owners in buoyant market

Vintage VLCCs find new owners in buoyant market

A large number of cash rich buyers of large tankers are now actively bidding for vintage VLCCs as stunning gains are be made on rusty giants before they are scrapped.

This week a handful of VLCCs have been reported as sold. AET’s 300,000 dwt Bunga Kasturi Tiga (built 2006) is finally believed sold for $40m, with Norwegian investor Arne Fredly tipped as a possible taker.

In a comparable deal, NYK is reported selling the one -year-older same sized VLCC Taskasaki for $38m. In this deal two Greek heavyweights, Adam Polemis and his New Shipping and George Procopiou’s Dynacom Tankers are both tipped as likely takers.

The first VLCC reported sold this week was the 319,300 dwt TI Hellas (built 2005), sold by Euronav, to West Africa specialist Dimitris Bakos-led Altomare for $38.2m.

As oil producers the world over seek floating storage options amid a period of very low oil prices, rates for VLCCs have rocketed back up above $200,000 a day this week.

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.

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