First modern VLCC sale of the year highlights how tanker prices are easing

This year’s first modern VLCC sale is in the pipeline. Brokers report that the eight-year-old, 300,000 dwt Leicester was sold for $87m to undisclosed interests. Broking sources tell Splash that an Oslo-based private equity fund, Transportation Recovery Fund (TRF), is selling the Shanghai Waigaoqiao Shipbuilding-built tanker.

The last comparable deal is from August last year when Evangelos Marinakis-led Capital Maritime sold a one-year older supertanker named Atromitos, for $96.52m, to Saudi Arabia’s Bahri as part of a landmark $1bn deal where the Greek outfit sold nine VLCCs.

Tanker asset prices have been easing all month despite solid spot rate conditions.

Hong Kong-registered outfit Young Honest Shipping emerged as the taker of the first vintage VLCC sold this year. Young Honest bought the 20-year-old, 308,800 dwt, scrubber-fitted Rolin from Viet My Petrol Transportation with brokers suggesting a price of $31m, a significant drop in price compared to similar sales sealed only weeks ago.

source : splash247