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Euronav to approve VLCC disposal

Euronav to approve VLCC disposal
BELGIAN shipowner Euronav has reportedly sold the 2000-built, 298,522 dwt very large crude carrier Namur at a price of between $57.5m-$58.5m subject to board approval, writes Michelle Wiese Bockmann.

Euronav set to approve $58m VLCC disposal.

BELGIAN shipowner Euronav has reportedly sold the 2000-built, 298,522 dwt very large crude carrier Namur at a price of between $57.5m-$58.5m subject to board approval, writes Michelle Wiese Bockmann.

London broker Clarksons says the board will meet ?early next week?.

The last similar sale was the VLCC Effie Maersk in September 2009 for around $65m, with brokers widely agreeing that the Namur price is within the expected range.

A spokesman for Euronav was not available for comment.

Another VLCC, the 1995-built, 275,616 dwt Shinyo Sawako , was sold to Chinese conversion interests for $16m, brokers reported. In May 2009 Tsakos Energy Navigation sold its 1995-built, 260,870 dwt sister vessel, formerly known as El Junior , for $17.5m.

In other tanker sales, ICAP confirmed that the 1996-built, 86.549 dwt long range two product tanker Tenacity was sold for $14.75m to Unit Shipping, Greece. The former owner is listed as Bermuda-based Transpetrol Group of Companies.

Mitsui OSK has sold the 1993-built, 42,253 dwt Dynamic Express to Mercator Lines for $10m on the basis of prompt, charter-free delivery, said Clarksons. Gibson put the price at $9m.

Mercator purchased sister vessel Bright Express in November 2009 for $8.5m.

Galbraith"s warned of further room for depreciation in value in all classes of tankers from VLCCs down to to medium range tankers should charter rates fall away. However, the London broker said that older double-hull tanker tonnage ?is keenly priced to sell?, citing the sales of the doubled-sided aframaxes Valiant and Magnitude , both of 96,000 dwt and built in 1992, which sold for $6.5m each. This compared to double-hull Guardian Spirit , also 96,000 dwt, which went for $11m earlier this month.

?In the recent past there was single hull, double side or bottom then double hull when considering a vessel"s value. Now people assessing the value have to look more closely at what comprises these early double-hull ships,? Galbraith"s said.

?Whether a vessel is converted to double hull, where it has centreline bulkhead or a perforated centreline bulkhead as well as its age and where it was built, has taken on a renewed significance in the battle for value.?

www.turkishmaritime.com.tr

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