An elderly VLCC has been sold for the fifth time in three years as asset prices continue to fluctuate significantly.
European brokers report the 319,000-dwt Timimus (built 2002) offloaded for a fee in the low-$30m range to unknown owners.
The ship is listed as controlled by Yangfan Ship Management of Shanghai, China, which could not be contacted.
The Equasis database lists the veteran VLCC as owned by Tai Hong Feng Shipping of Hong Kong.
VesselsValue has a valuation of close to $38m for the tanker, little changed over the last year.
The sale price is lower than the last comparable deal, according to Norwegian shipbroker Cleaves.
The Oslo shop said prices for this age of ship will vary substantially according to condition.
The last elderly VLCC sale reported was the 309,000-dwt Great Lady (built 2005), said to have been shed by Eastern Mediterranean Maritime of Greece to unknown Chinese owners last month for $34.75m.
The Greek owner, however, has denied that the ship was sold or was for sale.
UK shipbroker Clarksons notes frequent flag and name changes for the Timimus.
It has been Panama-flagged since December 2022, before which it was registered in Palau from January last year, and flagged in Liberia before that.
The VLCC was sold as the Seaways Mulan by International Seaways of the US in September 2020 for $23.5m, to Oia Shipping in Liberia.
Name changes
It was renamed the Xiao Xu Shan and sold in January 2021 to Youfu Shipping.
The tanker then became the Yannis and was offloaded to unknown Hong Kong interests in December 2021.
The ship was renamed the Neofit and flipped to Yangfan in October 2022. In December, the name was changed to the Timimus.
