Monarch Alternative Capital is poised to exit direct shipowning with the sale of its last tanker.
Brokers tell TradeWinds the 320,000-dwt Madison Orca (built 2010) is being circulated for sale with Euronav rumoured as a potential buyer.
Monarch bought the vessel, which was formerly in the fleet of Nobu Su’s TMT, for $60m at auction in July 2014
It was placed into a Navig8 pool the following year and sources note it would have been profitable given the strong freight market in the interim.
