International Seaways is looking to sell its oldest VLCC in the latest stage of its fleet renewal programme.
It is circulating the 298,600-dwt Seaways Sakura (built 2001) for further trading, however, some market sources suggest a demolition deal is more likely given the current market.
Seaways has bought seven modern VLCCs and two suezmax resales to replenish its crude fleet while selling some older ships since separating from OSG in 2016.
The Seaways Sakura is the only crude tanker in the company’s fleet which VesselsValue prices at demolition value. It placed the tanker at $17.38m.
With the VLCC market having endured historically weak rates this year, and some believing sentiment in the demolition market is rising after the monsoon season, the Seaways Sakura is expected to end up in the sub-continent.
Brokers tell TradeWinds the ship could fetch in the region of $440 per ldt, while questioning if a regular sale and purchase market for such tonnage exists right now.
Seaways has a total of 14 VLCCs, of which only the Seaways Sakura was launched in 2002, three were built in 2002 and the rest began trading in the present decade.
Its wider tanker fleet of more than 40 vessels spans the smaller crude segments as well as the product tanker space.
