A VLCC linked to Fractal Shipping has reportedly been sold.
Brokers in Greece and Norway said this week that the 311,000-dwt Phoebe (built 2005) was offloaded to Chinese interests for $40m.
The ship was once in the fleet of Switzerland-based Fractal but appears to have ended up in the control of one of several splinter companies once the outfit was sanctioned by the UK government in February.
According to shipping database Equasis, Dubai affiliate Fractal Marine DMCC took over commercial management in September 2022 while Marshall Islands-registered Nilwala Lines took over as registered owner.
But management was reshuffled on 22 February, with Dubai’s Laguna Shipping & Trading first taking over commercial management duties before shifting to Nilwala.
Both changes were recorded by Equasis.
The Phoebe is the only ship in Nilwala’s fleet and remains its registered owner.
Fractal Shipping has been approached for comment.
The $40m sale price is roughly market value for the ship, with VesselsValue estimating its worth at $40.7m.
MSI Horizon, meanwhile, gives a range of $38.8m to $45.9m.
Fractal was hit with UK sanctions after allegedly “obtaining a benefit from or supporting” the Russian government in an industry of strategic importance.
It is unclear what exactly Fractal had done, although chief executive Mathieu Philippe admitted the company had carried Russian oil after its invasion of Ukraine. But it is allowed to do so so long as the crude is priced below $60 per barrel.
The company has launched an appeal.
Philippe has said he had gone to the US to meet with officials and has attestations proving the oil was below the price cap.
Laguna Shipping & Trading was one of a trio of companies to take over the management of Fractal’s ships but now appears to have no ships in its fleet.
