NITC Sells VLCCs for Scrapping

The weak tanker market has accelerated scrapping activity, with at least four VLCCs sold for demolition this week, three of them Iranian controlled.

News ID: 75727

Date: 20 August 2017 - 09:33

According to MANA, national Iranian Tanker Co (NITC) has sold the 298,000-dwt Nadinand Nona (both built 1996). The Nadin was sold "as is" in Singapore for $382 per ldt, or $15.9m, and the Nona "as is" in Khor Fakkan for $390 per ldt, or $16.3m. Market sources claim tanker giant NITC faced problems reselling the pair.

Meanwhile, the third VLCC — the 298,000-dwt Daryakaran (built 1995) — has been sold by a company linked to Islamic Republic of Iran Shipping Lines (IRISL) "as is" in Bandar Abbas with 250 tons of bunkers. The price has not been disclosed. The tanker has primarily been employed for storage, TradeWinds is told.

The Daryakaran was previously owned by a Hong Kong company called Great Sparkle, which was likely a front for IRISL during the sanctions era.

This year, NITC has already sold the 303,000-dwt Aura and 302,000-dwt Bright (both built 1993) for scrapping. The company is listed with 40 VLCCs and still has another four units built before 2000.

IRISL has also sold an aframax — the 163,000-dwt tanker Ramtin(built 1992) — for an undisclosed price, also including 250 tons of bunkers, "as is" in Bandar Abbas.

Angelicoussis company Maran Tankers has sold its first tanker for demolition in four years. The 286,000-dwt tanker Maran Lyra (built 1995) was sold "as is" in Singapore with 600 tons of bunkers. It is likely to be scrapped in Bangladesh. Sources say it has gone for $390 per ldt, or $16.3m.

In the bulker segment, Emirates Trading Agency (ETA) of Dubai has sold the 74,000-dwt self-discharging Yugalraj (built 1993) for scrapping in Bangladesh for $390 per ldt, or $4.5m.