Euronav has confirmed the disposal of its oldest suezmax for a $13m profit.
The 160,000-dwt Cap Diamant (built 2001) was sold for $20.8m and has been delivered to its new owner, the New York and Euronext-listed owner said on Wednesday.
The vessel was also the oldest in its entire fleet of suezmaxes and VLCCs.
"Euronav considers regular fleet rejuvenation an important function of vessel management in providing quality services to our clients," the company said.
The shipowner had declined to comment last week when TradeWinds reported the sale.
VesselsValue pegs the Cap Diamant's value at $18.5m for further trading and $9.36m for scrap.
Fearnley Securities said: "Having recently acquired four VLCCs under construction at DSME for $93m per vessel, we find it prudent for Euronav to divest parts of its fleet, particularly the suezmax fleet, which is on the older side with an average age of 12 years."
Euronav now has 25 suezmaxes, including those owned in joint ventures.
The company had traded the Cap Diamant for 15 years.
Euronav's oldest ships are now the 150,000-dwt suezmax Filikon and the 442,000-dwt ULCC Europe (both built 2002). It also has vessels built in 2003 and 2004.
The sistership ULCC Oceania (built 2003) is storing compliant fuel for the company off Malaysia.
Euronav said this month that it will take a write-down on the cargo after the fall in price of low-sulphur fuel oil in recent weeks.
Tanker debut for West African Marine SA
Euronav did not name the ship's buyers. Brokers on Friday identified Greece's World Carrier Corp as the acquiring party. The Athens-based company did not return TradeWinds' request for comment.
George Fraghistas-led World Carrier Corp, a company active in offshore services in the Gulf of Guinea, had emerged in February as the manager of another suezmax that Euronav offloaded - the 150,000-dwt Finesse (renamed Aldus, built 2003). Euronav offloaded that vessel earlier in the same month for $21.8m.
TradeWinds, however, is told today that Fraghistas has nothing to do with the Cap Diamant deal and that another Greek company active in the same African region, West African Marine SA, has been entrusted with managing the ship.
An executive at West African Marine confirmed the ship is now under the company's management.
Greek shipping ministry documents show West African Marine set up in Athens six years ago. The Cap Diamant becomes the first vessel of any significant size the company is managing.
The only ships in the fleet of West African Marine so far have been the small 8,900-dwt general cargoship Ano Kato (built 1997), as well as, albeit briefly, the 32,300-dwt bulker Lazeez (renamed Greenwhich, built 2000).
The Ano Kato has been trading in West African waters since West African Marine took over its management.
