India's Mercator has finally clinched a deal to sell its last VLCC - but at a much-reduced price.
It said the deal to offload the 299,000-dwt Nerissa (built 2006) for $27.5m was part of its "strategic plan".
Proceeds will go towards cutting debt and other liabilities.
The buyer is an unnamed third party.
Mercator said in February it expected to repay INR 2.42bn ($34.16m) after disposing of the tanker.
TradeWinds reported earlier this month that a deal had been agreed with Greek owner NGM Energy for the vessel.
Deal fell through
A disposal was initially reported in December at $34m, but this deal fell through, apparently after Mercator failed to deliver the ship on time.
Negotiations between the two sides had resumed, leading to a new deal at a lower price.
This was suggested as between $30m and $30m.
NGM Energy has declined to comment on the issue.
According to brokers, 12 VLCCs have been sold this year.
In one of the latest deals, Formosa Plastics reportedly sold the IHI-built 281,000-dwt Formosapetro Challenger (built 2001) to an undisclosed buyer for $19m.
NGM Energy sold two elderly VLCCs in the second half of last year — the 309,400-dwt Alter Ego (renamed Tian Ying Zuo, built 2001) and the 291,300-dwt Ataka (renamed Tian Ma Zuo, built 1998).
Online reference sources show both ships currently trading in the fleet of Kunlun Holding, a Chinese company rapidly building up a veteran VLCC fleet.
