First Modern VLCC Sale of the Year Nears Completion

The first modern VLCC sale of 2025 is in progress, with brokers reporting that the eight-year-old, 300,000 dwt Leicester has been sold for $87 million to an undisclosed buyer.

Industry sources indicate that the seller is the Oslo-based private equity fund Transportation Recovery Fund (TRF), which is offloading the Shanghai Waigaoqiao Shipbuilding-built tanker.

The most recent comparable transaction occurred in August 2023, when Capital Maritime, led by Evangelos Marinakis, sold the one-year older VLCC Atromitos for $96.52 million to Saudi Arabia’s Bahri. This deal was part of a $1 billion agreement in which the Greek company offloaded nine VLCCs.

Despite strong spot rate conditions, tanker asset values have been softening throughout the month.

Meanwhile, Young Honest Shipping, a Hong Kong-based firm, has acquired the first vintage VLCC of the year. The company purchased the 20-year-old, 308,800 dwt Rolin, which is equipped with scrubbers, from Viet My Petrol Transportation.

Brokers estimate the deal at $31 million, marking a notable price drop compared to similar sales in recent weeks.