A surge in VLCC sales over the past two weeks highlights the resilience of asset prices in the large crude carrier market.
The most recent transaction features Bahri, Saudi Arabia’s state-owned shipping line, offloading its second 17-year-old VLCC in months. Sales registers indicate that the Hyundai Samho-built Layla is changing hands for $46.6m. This follows the late January disposal of her sister ship, Wafrah, which fetched $40.5m — a discount explained partly by Wafrah’s had its drydocking due.
South Korea´s Sinokor has also been active, reportedly selling the 2006-built, 307,000 dwt Pacific Loyalty — constructed at Dalian Shipbuilding — for $42m to Chinese interests. Sinokor acquired the vessel in March 2022 for just $32.75 m, realising a substantial profit. The price differential further underscores the market’s preference for Korean-built tonnage. It is worth noting that Pacific Loyalty also has its drydocking due.
Data from VesselsValue shows 12 VLCC transactions concluded since the beginning of April. Among them, Greek owner Eurotankers started the month by selling the 2007-built Eurohope to Chinese buyer Ting Tao for $46.25m, a 307,000 dwt vessel also built in South Korea.
