Surge in VLCC Sales Signals Market Recovery
The secondhand tanker market is experiencing a notable uptick, highlighted by a series of recent Very Large Crude Carrier (VLCC) transactions. Malaysian shipping company MISC, through its subsidiary AET, has sold two tankers to Chinese buyers for a combined total of approximately $88 million. Meanwhile, South Korea’s Sinokor Maritime has also divested one of its older vessels, further indicating a robust demand for VLCCs in the Asian market.
Recent Sales Highlight Market Activity
This week, the wet secondhand market has seen significant movement, particularly with VLCC sales. MISC’s AET has successfully offloaded two Universal-built tankers: the Bunga Kasturi Lima, constructed in 2007, and the Bunga Kasturi Enam, built in 2008. The total sale price for these vessels reached around $88 million. Following the sale, the ships have been renamed, with the Bunga Kasturi Lima now operating as Diva and the Bunga Kasturi Enam as Evan. Each vessel is now managed under separate single-purpose entities, reflecting a strategic shift in ownership.
In a separate transaction, Sinokor Maritime has sold its 2007-built Monaco Loyalty, which has a deadweight tonnage of 307,000, for a price in the low $40 million range. This sale follows a recent transaction involving Greece’s Thenamaris, which sold its 2009-built Searacer for $48 million. These sales underscore a growing trend in the market, where older VLCCs are still attracting buyers, particularly in Asia.
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Market Trends and Future Outlook
Despite the surge in VLCC sales, brokers indicate that prices in the crude sector remain stable, aligning closely with recent transactions for similar vintage vessels. This trend suggests a sustained appetite for older VLCCs, particularly in the Asian market, where demand continues to drive prices. The recent activity in the secondhand market may signal a recovery phase, as shipping companies look to optimize their fleets amid fluctuating global oil demands.
As the market evolves, stakeholders will be closely monitoring these developments to gauge the long-term implications for VLCC pricing and availability. The recent sales highlight a resilient market, poised for potential growth as buyers seek to capitalize on favorable conditions.
