Greek shipowner Navios Maritime Acquisition has sold its oldest VLCC with the vessel exepected to be scrapped.
New York-listed Navios Acquisition has been renewing its VLCC fleet at a time it is awaiting the delivery of four new ships under construction in Japan.
In its first quarter earnings report the shipowner said the 281,000-dwt Shinyo Ocean (built 2001) had been sold in a $12.5m deal.
Demolition market sources say the 281,000-dwt Shinyo Ocean (built 2001) will be scrapped in Bangladesh.
Some suggest the tanker has been sold in an en bloc transaction with the 171,000-dwt Navios Equator Prosper (built 2000), which was the oldest capesize in the fleet of sibling Navios Maritime Holdings.
TradeWinds reported last week the bulker had been sold and would head for demolition.
The Shinyo Ocean is reported to have been scrapped at a price of between $432.5 per ldt and $435 per ldt, which would suggest a deal around the $16m mark.
It is believed to have just been into the dock for repair work ahead of its final voyage to the sub-continent. Navios said damage to the ship was covered by insurance.
VLCC demolition has eased this year after a record-breaking 2018, however, there has been an uptick in activity during the past month.
Two VLCC were scrapped in April, with Ravi Mehrotra’s Foresight Group shedding the 306,000-dwt Agra (built 1999) less than a year after buying the tanker from John Fredriksen and the 265,300-dwt Super Zearth (built 1995) also leaving the market.
Two big tankers converted to offshore, the FSO Marine Star and the FPSO Conkouati have also been scrapped in 2019.
Navios is one of the largest VLCC owners in Greece with 11 tankers on the water in addition to the newbuildings, which now total three vessels after an option was taken in the first quarter.
The Shinyo Ocean is the second veteran VLCC Navios has sold this year after the $21.8m sale of the 298,000-dwt C Dream (built 2000) in March.
All of its tankers are now owned by Navios Acquisition after it merged with MLP Navios Maritime Midstream Partners.
Navios Acquisition posted a modest first quarter profit of $861,000, overturning a loss of $24.47m in the first quarter a year ago.
