Prices for older VLCCs falling fast

For older VLCCs, prices are falling fast. The latest rusty tanker deal filling up broking reports is a sale by South Korea’s SK Shipping which has offloaded the 19-year-old, 314,000 dwt, Samsung-built C.Champion for $37.8m. The ship has been under negotiations for weeks, with brokers monitoring the deal closely.

The last comparable deal to C.Champion was sealed at the end of June when Bahri sold another same-aged, 316,000 dwt, Hyundai Heavy-built tanker called Lulu for $42.5m.

Going back to March, prices for vintage VLCC were dramatically higher with Japan’s Mitsui OSK Lines (MOL) able to sell the 18-year-old, 311,000 dwt Yufusan to Chinese interests for $52m.

Details from other deals have also emerged. Dubai-based Black Swan Petroleum has been listed as the buyer of Dynacom’s oldest VLCC, a ship quietly sold in June. Sales registers show that the petroleum product and lubricant supplier has added the 17-year-old, Mitsubishi-built Yio for $54m. Dynacom had bought the ship three years ago for around $33m.

Source: Splash 247.com