Gener8 Maritime could be set to add another tanker to its roll of sales with the disposal of its oldest vessel.
Talk in the market is that the 160,000-dwt Gener8 Argus (built 2000) is set to find a new home.
Sources close to Gener8 describe chatter of an $11m sale as premature with no firm deal yet in place.
A sale of the Gener8 Argus – just days after TradeWinds revealed the company had parted with the 305,800-dwt Gener8 Poseidon (built 2002) – would continue a busy period for the owner.
Data from VesselsValue suggests this would be the 11th trading sale by Gener8 since the start of 2016.
It has also scrapped two more vessels as part of a fleet renewal programme that included delivery of a vast VLCC newbuilding orderbook.
The continued sales are not unexpected given comments by Gener8 management at the time of its second quarter results.
Leo Vrondissis, the company’s chief financial officer, said on an August conference call: "We continue to look for sales candidates in our older vessels.
“I don’t think we are desperate to sell but if the right deal comes about, and it meets what we believe to be fair value, we will dispose of some of our older vessels.”
“But right now we are very happy with the liquidity our balance sheet provides us, even in a softer rate environment.”
Data from VesselsValue shows the renewal process has left the company with 33 ships with an average age of five prior to the exit of the Gener8 Argus. Its 22 VLCCs have an average age of just two years.
