Belgium's Euronav has confirmed the sale of a veteran suezmax for a small profit.
The New York and Brussels-listed company said the 159,000-dwt Bastia (built 2005) has gone for $20.5m as it continues to offload its older ships.
The vessel was owned by a joint venture that also comprised Ridgebury Tankers and Tufton Oceanic. The JV will bank a capital gain of $0.7m.
VesselsValue assesses the ship as worth $21.04m.
TradeWinds reported towards the end of last month that the vessel had been acquired by Seven Seas Shipping of India for $20.8m, while Clarksons put the sale price at $21.5m.
Norwegian investment bank Fearnley Securities said the price was $1m below its estimate for similar tonnage and is in line with its view of "continued pressure on both newbuilding and second hand values".
Renamed by new owner
The suezmax has been renamed the Concord after its acquisition by the Indian owner.
The Bastia was acquired in November 2019 for nearly $20m. Euronav had a 50% share of the tanker.
Euronav said: "Whilst the holding period was relatively short, the strong tanker market over the past 11 months has helped driving an exceptional return in excess of 50% on this investment."
The venture is now left with the sistership Bari.
Euronav is known to have been looking to sell the two ships since March, when tanker values stood much higher than today.
Mumbai-based Seven Seas has been seeking to move out even older tankers in its fleet.
