China VLCC Sells Two VLCCs
By Aiswarya Lakshmi
Friday, May 20, 2016
China Energy Transport Co., Ltd. (China VLCC) has sold two secondhand VLCCs to an unrelated third party for a total price of $117.5mln.
China VLCC is 51 percent owned by China Merchants Energy Shipping (CMES) and 49 percent owned by Sinotrans & CSC Group.
It has signed agreements with two Marshall Island-registered companies, Coral Shipowning and Medal Shipowing, under which China VLCC will sell a 297,600 dwt VLCC of six to seven years old to each of the two companies.
The entry into force of the agreement remains subject to the Board of Directors of the company and the counterparty approved by the Board.
Meanwhile, China VLCC has on Thursday taken delivery of a new VLCC named New Constant in Dalian, China.
As of May 20, 2016, China VLCC operates a fleet of 36 VLCCs and has an orderbook of 17 more units.