VLCC scrapping gets another boost as two Asian storage tankers are sold for recycling

Two Asian-owned VLCCs that have been deployed in storage roles off Malaysia for many years have joined the steady stream of veteran tankers heading to the Indian subcontinent for recycling.

Tanker brokers believe the demolition sales of Xihe Holdings’ 298,000-dwt Sea Coral (built 1996) and Nathalin Group’s 310,000-dwt Jubilee Star (built 1996) will be followed in the coming months by even older VLCCs that are ending storage contracts and are unlikely to return to active trading.