China State Shipbuilding Corp (CSSC) offshoot CS Shipping has successfully sold one of its VLCCs at auction, brokers say.
CS Shipping placed the 281,705-dwt CS Pioneer (built 1998) on the block last month with the ship sold via the Guangzhou Shipping Exchange.
Now TradeWinds understands the tanker has fetched a price of $15.34m, ahead of the $14.7m base level.
While a firm buyer has not yet been established, fingers are pointing to a Singaporean energy firm.
A formal procurement contract is expected to be sealed by early April.
TradeWinds reported CS Shipping acquired CS Pioneer, formerly named Nichihiko, from JX Group for $25.3m in 2014.
The vintage vessel, constructed by Hitachi Zosen’s Ariake yard, is currently used to store oil off Malaysia.
