Two of the world’s largest crude tanker owners, rumoured as potential merger partners this summer, are busy clearing out older tonnage.
Peter Georgiopoulos-led Gener8 Maritime is in the process of disposing of two 1990s built tankers and an older aframax.
At the same time, John Fredriksen’s Frontline has sold its last vessel built before the turn of the millennium.
Gener8 is set to sell its final 1990s built tankers, with the twin suezmaxes Gener8 Phoenix and Gener8 Horn (both built 1999) understood to be “in play”.
While no sale is believed to have been completed, a transaction is in the works, tanker market sources say.
Sales speculation also surrounded the 106,000-dwt Gener8 Pericles (built 2003) this week.
TradeWinds understands that a previously reported $11.7m transaction has now failed but a new buyer is in the frame.
Gener8 has sold a number of older vessels and cashed in a couple of newer tankers in the past year.
According to VesselsValue, Gener8 has 38 tankers in the water with an average age of just six.
Frontline is said to have sold the 153,000-dwt Front Ardenne (built 1997) for a price of between $8m and $8.5m, shipbroking sources say.
A sale would leave the 298,000-dwt Front Ariake (built 2001) as the oldest tanker in the Frontline system.
It also retains a handful of 2002 and 2003 built vessels among its fleet of more than 50 tankers.
