Greek owners have been active in scrapping crude tankers as the demolition market burst back into life after Chinese New Year.
Philip Embiricos-controlled Aeolos Management is disposing of two of its oldest VLCCs. The 281,000-dwt Poros (built 2000) and 305,000-dwt Kos (built 2001) are both believed to have secured $440 per ldt having be sold "as is" in Khor Fakkan.
This amounts to $18.2m for the Poros, in a deal that includes 500 tons of bunkers, and $19m for the Kos.
Embiricos bought the Poros, which is not due for special survey until 2020, as Tenzan for $36m in 2011. It has owned the Kos since new.
Aeolos today has a fleet of seven VLCCs with an average age of 15 years.
The company has been passive in buying tankers for the past five years but last December it signed up for a 318,000-dwt VLCC at DSME. Scheduled for delivery in 2020, the ship is believed to be costing $84m.
Compatriot Cavo d’Oro Navigation is selling its last tanker, the 306,000-dwt Mistral (built 2000), for scrap. Sources say the ship has been sold "as is" for $440 per ldt, or $20.25m.
The company owned the ship for a number of years when it was named Kestrel. It was on time charter to ExxonMobil until last October at $40,000 per day.
In 2012, Cavo d’Oro sold the 143,000-dwt Narova and Nisyros (both built 1992) for demolition and disposed of a third sistership, the Nikator (built 1994).
Suezmax scrapped
In the suezmax segment, Avin International continues disposing of tankers for demolition. The 134,000-dwt Kriti Breeze (built 1996) has been sold "as is" in Khor Fakkan for $430 per ldt, or $9.3m. The Vardinoyannis company bought the tanker as OS Breeze from Syncro Shipping for $13.6m in November 2014.
Last year, Avin sold four 1990s-built tankers for scrap, including two MRs, one aframax and one suezmax.
Aframax trio torched
In the aframax segment, Sovcomflot (SFC Group) subsidiary Novoship has divested three 106,000-dwt tankers for demolition. The Moscow, Moscow Kremlin (both built 1998) and Kuban (built 2000) were sold "as is" in Singapore for $420 per ldt.
Flopec of Ecuador is understood to have sold the 66,000-dwt tanker Cotopaxi (built 1999) "as is" in Singapore for $420 per ldt, or $5m. Flopec also has a sistership, the Chimborazo (built 1999).
