Japanese shipping conglomerate NYK Line has sold another VLCC in its ongoing efforts to dispose of vessels built in the 2000s.
Market sources said the non-scrubber-fitted, 314,000-dwt Takahashi (built 2007) was sold to Greece’s NGM Energy for about $34m.
The VLCC passed a special survey in 2020 and is due to be fitted with a ballast water treatment system next year, according to Clarksons Research.
TradeWinds has approached NYK for comment. NGM declined to comment.
Brokers reported that NYK had sold at least five VLCCs since the beginning of last year, including four constructed in the 2000s.
Aside from the Takahashi, the Tokyo-listed company also disposed of the 300,600-dwt Tsurumi (built 2003), the 300,000-dwt Toba (built 2004), the 300,400-dwt Takasaki (built 2005), and the 306,000-dwt Tokitsu Maru (built 2011).
NYK has focused on LNG shipping and low-emission marine fuels in recent years while its tanker fleet shrinks.
Company data shows the number of oil tankers in its fleet fell to 68 as of end-March from 74 a year ago.
NGM, controlled by the Moundreas family, has been one of the most active players in the secondhand market recently.
In April, TradeWinds reported that the Piraeus-based company had sold the 150,000-dwt suezmaxes A Melody and A Symphony (both built 2001) for almost $14.8m each to Asian interests.
The price tag for the Takahashi, constructed by Nantong Cosco KHI Ship Engineering, is believed to be on the firm side as secondhand tanker prices remain robust.
In the second quarter, Ridgebury Tankers bought out the interests of Wafra Capital Partners in four 2006-built and 2007-built VLCCs for $120m en bloc.
The quartet is under the commercial control of Belgium's Euronav, which financed them through a sale-and-leaseback transaction with Wafra in January 2017.
The vessels were the 307,000-dwt sisters Nautilus (built 2006) and Navarin, Neptun and Nucleus (all built 2007). They were built by Dalian Shipbuilding Industry Corp.
But the Takahashi’s sale price might be slightly below market expectation. VesselsValue estimates its price at nearly $34.7m.
While secondhand tanker values have been on the rise in most segments this year, freight earnings have been sluggish amid severe tonnage oversupply.
“There is a downside to this market … Secondhand prices are already historically high,” said a broker.
The secondhand price of a 15-year-old VLCC dropped to $21m in October 2017 before increasing to $40m in April 2020, then a five-year high, according to Clarksons Research. It is currently estimated at $36m.
Harry Papachristou contributed to this story.
