Vintage VLCC prices firm up

Prices are up for vintage VLCCs as brokers predict higher rates for ships trading outside the dark fleet.  

Prices for vintage VLCCs went down in January. Now, VLCC pricing is firming again for reputable sales candidates, and a whopping $10m spread can be spotted in the latest sales filling up broking reports. 

Greek owner Eastmed has reportedly sold the rusty 20-year-old,  309,000 dwt Great Lady for $41m, a 335 m long mammoth built at Samsung in South Korea. 

At the beginning of the year, Viet My Petrol Transportation sold an almost identical Hyundai Heavy-built ship. The 20-year-old 308,800 dwt, Rolin, with brokers putting a price of $31m on the sale. It’s worth noting that the Vietnamese ship has its special survey and drydocking due. 

Meanwhile, reports are emerging that the non-scrubbered 2004-built Princess Alexia VLCC has secured a robust $37m from Taiwanese buyers, underling what brokers describe as a premium that buyers are willing to pay for tonnage of reputable propriety for lucrative compliant trading.

Secondhand tanker pricing has eased over recent months, with Clarksons’ secondhand tanker price index now down 3% since the start of the year and 17% since its recent peak in early September last year.