MOL has put a 12-year-old VLCC up for sale, with brokers linking the disposal to the recent consolidation moves among local oil companies.
The 302,000-dwt Phoenix Vanguard (built 2007), controlled by MOL’s Singapore-based Phoenix Tankers subsidiary, will be available for inspection in Fujairah in mid-June.
VesselsValue estimates the tanker is worth just under $39m.
An MOL spokesperson said the sale is simply part of the company’s scheduled sale-and-purchase activity.
However, the tanker is relatively young to be sold by the standards of major Japanese operators, which usually dispose of tonnage over 15 years old.
The vessel is understood to have come off long-term contract of affreightment work with a Japanese oil company and has not found similar employment since.
Lengthy takeover
Since April, the Japanese long-term charter market has become significantly smaller after Japan’s second-biggest oil wholesaler, Idemitsu Kosan, concluded its lengthy takeover of Showa Shell.
The company will operate as Idemitsu Showa Shell and is the latest in a number of consolidation moves among Japanese refiners over the past few years.
Brokers suggested that the Idemitsu Showa Shell merger could prompt the sale of at least “two or three” more VLCCs from Japanese owners as the two oil companies combine their tanker tonnage for efficiency.
The fleets have been merged into newly formed company Brighter Energy Alliance.
Idemitsu Kosan has traditionally preferred to own and charter its VLCC tonnage. It currently owns five VLCCs managed through subsidiary Idemitsu Tankers. It has a further seven on long-term time charter from Japanese owners.
