Malaysian tanker owner AET has sold its oldest VLCC at a price that demonstrates rising values for VLCCs, even for one that's 17 years old.

European brokers said the company has sold the 300,000-dwt Bunga Kasturi (built 2003) for $32m. The buyer is undisclosed.

The reported price is better than the $28.5m estimate by VesselsValue and on target with Maritime Strategies International's $32.2m prediction.

The deal comes as both platforms show the value of the Universal Shipbuilding-constructed vessel has been rising for nearly two years.

VesselsValue data shows the Bunga Kaasturi's value bottomed in May 2018 at $19.9m.

The Bunga Kasturi is due for special survey in April 2023.

The tanker has been in the AET fleet since it was new. AET company is listed with 55 tankers ranging in size from panamax to VLCC.

AET did not respond to requests for comment and has generally said that it does not comment on commercial issues.

This is the first VLCC sale by AET in almost seven years.

In March 2013 the company sold the 318,000-dwt HHI-built Eagle Vienna (built 2004) to Pantheon Tankers Management of Greece for $39.4m.

The Malaysian company, which is a subsidiary of MISC Berhad, has 12 VLCCs in its fleet.

AET frequently puts VLCCs out on time charters and its 320,000-dwt Eagle Vancouver (built 2013) is on charter until 2022 to oil major Total at $31,000 per day.