Young Honest Shipping Buys First Vintage VLCC of the Year

Young Honest Shipping, a Hong Kong-registered company, has acquired the first vintage Very Large Crude Carrier (VLCC) of 2025. The 20-year-old, 308,800 dwt, scrubber-equipped vessel Rolin was purchased from Viet My Petrol Transportation for $31 million.

This price represents a notable decline compared to similar transactions finalized just weeks earlier.

In December, New York-listed tanker operator DHT sold the 21-year-old DHT Scandinavia for $43.3 million to an undisclosed buyer. The ship, built by Hyundai Samho Heavy Industries, has since been renamed Seasilk. Details about the buyer remain unknown.

Young Honest Shipping, established in April of last year, is based on Nathan Road in Mong Kok.

The decline in vintage VLCC values comes amid tightening sanctions targeting older shadow fleet vessels, even as spot rates in the tanker market have surged in recent weeks.