Three shipowners have reportedly committed VLCCs into demolition sales as tanker deals continue to propel the demolition market.
The transactions said to be carried out by Sinokor Merchant Marine, Polembros Shipping, and Ridgebury tankers come in a week in which GMS reported that sales of the large tankers reached 30 for the year.
"Following the official reopening of the Pakistani market for tankers, the offloading of the plethora of unsold tanker/VLCC tonnage continued at pace this week, as interested Pakistani Buyers eagerly filled their plots," said the cash buyer of ships for demolition in a report to clients.
But the deals were not enough to prop up prices, which slipped 2.3% to $440 per ldt for tanker tonnage sold into Pakistan.
South Korea's Sinokor has sold the 302,000-dwt Silver Glory (built 2001). The ship was sold for scrap with optional delivery for $436.50 per ldt, or $18.1m.
The shipowner purchased the tanker as Kumanogawa from Japan’s K Line for $30.5m in November 2013.
Sinokor has sold seven ships for demolition this year including one bulker, the 170,000-dwwt Chokang Sunrise (built 1995), which went to Pakistan in February.
A company representative declined to comment on reports of the the transaction.
In another VLCC sale, Spiros Polemis-led Polembros Shipping of Greece has finalised a sale of the 299,000-dwt Greek Warrior ( built 2000), the last VLCC in its fleet.
The vessel was sold "as is" in Singapore for $16.5m, the company has confirmed. A reported sale of the ship in March for $442 per ldt did not materialise.
Meanwhile, US-based Ridgebury Tankers has sold the 303,000-dwt tanker Ridgebury Pioneer (built 1999).
The ship was sold "as is" in Khor Fakkan, Oman, for $408 per ldt or $17.3m.
The Connecticut tanker owner is winning plaudits for choosing "green" demolition in India despite fetching a lower price. One source said the ship is the first VLCC to be scrapped according to the Hong Kong convention.
The Robert Burke-led company purchased the vessel for $31.2m from Independent Tankers Corp in June 2015, when it was the Pioneer.
In the suezmax segment, Pineti Shipmanagement of Ukraine has reportedly sold the 126,000-dwt shuttle tanker Oil Runner (built 1997).
The ship was sold "as is" in Khor Fakkan for $470 per ldt or $12.9m.
The Ukrainian company bought the tanker as Mattea from JJ Ugland of Norway for $11m in August 2015.
In the panamax sector, George Livanos's Sun Enterprises has reportedly sold the 73,000-dwt product tanker Amazon Guardian (built 1999). Demolition sources said the ship was sold "as is" in Khor Fakkan for $455 per ldt, or $6.5m. The tanker has been in the Sun fleet since its construction.
This story has been amended since publication to reflect that Polemis is led by Spiros Polemis.
