Polemis sheds oldest VLCC
Adam Polemis is believed to have scrapped the oldest of his six VLCCs.
Adam Polemis
Brokers report the 297,200-dwt New Progress (built 1994) has been sent to the beach in Pakistan.
A price of $514 to $515 per ldt is being placed on the sale, which comes in at around $20m for Polemis’ New Shipping.
The figure is down from the last VLCC demolition deal, the disposal of the 307,000-dwt Hebei Mountain (built 1995) for a full $526 per ldt, or $21.9m, reported by TradeWinds on Friday.
However, sources say it is still the second highest scrap price paid for a VLCC in 2014.
Data from Athens-based broker Intermodal shows the New Shipping vessel is the 13th VLCC to be scrapped this year.
New Shipping was founded this year after Adam Polemis and his brother Spiros parted ways after 40 years in business.
VesselsValue.com says New Shipping had a fleet of 26 vessels, comprising 12 bulkers and 14 tankers prior to the demolition sale.
The fleet was worth $693.3m, the valuation service says.
source:tradewindsnews.com
