Greek owner NGM Energy has finally clinched a deal with Mercator to buy a 13-year-old VLCC, at a price lower than initially negotiated.
TradeWinds reported last December that Mumbai-based Mercator sold the Nacks-built 299,200-dwt Nerissa (built 2006) to NGM Energy for $34m.
The Indian company confirmed in a statement in February that it was expecting to pay down $34.16m of its debt after selling its last VLCC.
However, the deal fell through, apparently after Mercator failed to deliver the ship on time.
New deal
Negotiations between the two sides resumed leading to a new deal at a lower price.
According to market sources, the Nerissa changed hands for between $30m and $32m.
Some broker reports indicate the Nerissa fetched a price below that range, but TradeWinds understands this information is inaccurate.
NGM Energy declined to comment on the issue. Officials at Mercator did not respond to a request for comment.
According to brokers, 12 VLCCs have been sold this year.
In one of the latest deals, Formosa Plastics reportedly sold the IHI-built 281,000-dwt Formosapetro Challenger (built 2001) to an undisclosed buyer for $19m.
NGM Energy sold two elderly VLCCs in the second half of last year — the 309,400-dwt Alter Ego (renamed Tian Ying Zuo, built 2001) and the 291,300-dwt Ataka (renamed Tian Ma Zuo, built 1998).
Online reference sources show both ships currently trading in the fleet of Kunlun Holding, a Chinese company rapidly building up a veteran VLCC fleet.
