Chinese Scrappers Secure First VLCC in 2010

13 May 2010 (Last Updated May 13th, 2010 18:30)

Chinese scrap buyers have purchased a $14.3m very large crude carrier from Univan Ship Management. China secured the 32,900ldt single-hull Shinyo Mariner as major competitors such as Bangladesh, India and Pakistan face a tough situation due to falling tanker prices. Tan

Chinese scrap buyers have purchased a $14.3m very large crude carrier from Univan Ship Management.

China secured the 32,900ldt single-hull Shinyo Mariner as major competitors such as Bangladesh, India and Pakistan face a tough situation due to falling tanker prices.

Tanker prices in the Indian subcontinent have fallen by around $50 per ldt allowing China to offer higher rates despite a drop in local steel prices.

Bangladeshi buyers are offering $425 per ldt for wet tonnage and up to $300 per ldt per dry tonnage vessels while the Shinyo Mariner was sold for $435 per ldt, according to turkishmaritime.com.tr.

Last week, the Monica Sofia, operated by Spain’s Ibaizabal Management Services, was reportedly sold for $2m.