VLCCs change hands at a rapid clip

With VLCC earnings in solid territory, it’s no surprise that fresh sales emerge weekly in broking reports across the globe. 

The latest deals involve two rusty vessels. First, a 2005-built 300,000 dwt VLCC named Sake, a ship noted sold for $40m by Dynacom Tankers. The Greek mammoth has hit the sweet spot for this ship, paying significantly less, $37.3m, for the Hyundai Heavy-built tanker four years ago. 

At the same time, Advantage Tankers is reportedly selling the 2009-built Advantage Virtue for $51m to Chinese buyers. 

Also, modern ships are changing hands this month. Greek outfit Athenian Sea Carriers reportedly asked $80m for its last VLCC in the water, selling the 2013-built Captain X Kyriakou. 

No takers have been disclosed to the three deals.

Sales picking up come at a time when VLCC rates are in the ascendant.

“The recovery of the VLCC market gained momentum starting in early September, with a notable firming by the end of the third week, driven by a surge in enquiries,” states a recent report from Breakwave Advisors. “The improvement in rates is largely due to vessel owners managing to finally push rates above previous levels, bolstered by a limited number of such owners controlling much of the available tonnage for early-month cargoes.”