Adam Polemis-led New Shipping has sold its oldest VLCC for scrap, demolition brokers said.
They said the 299,000-dwt New Diamond (built 2000) has likely fetched about $22m, though details of the transaction are not clear. The tanker is believed to have been sold through GMS, a cash buyer of ships for demolition.
Before brothers Adam and Spyros Polemis split their business empire amicably in 2014, the New Diamond had been owned by their commonly owned Polembros Shipping. The ship ended New Shipping after the division.
Polembros had purchased the tanker in January 2013 from Mitsui OSK Lines for $26.5m.
The New Diamond is not due for special survey until April 2024.
The sale of the ship is New Shipping's first demolition deal since it sold four VLCCs for recycling in 2018.
The company previously had a policy of selling its oldest tankers and replacing them with vessels that are between 14 and 17 years old.
The Greek company currently has a mixed fleet of 20 tankers and 15 bulkers.
The tanker fleet consists of eight VLCCs with an average age of 16 years, as well as seven suezmaxes and five aframaxes.
Earlier this month, New Shipping sold its oldest VLCC the 281,000-dwt New Prosperity ( built 1999) for an undisclosed price to an undisclosed buyer.
The company's last purchase took place in November when it bought the 107,000-dwt Minerva Emma (built 2003) for a reported price of $12.2m.
