Tanker owners seeking to sell ships have had to lower their asking prices in a sluggish secondhand market.
Brokers report just one tanker sold in the past week, as weaker-than-expected rates curb buyers’ enthusiasm.
The J19-type 19,700-dwt stainless steel chemical carrier Golden Yosa (built 2008) was said to have gone for a little above $21m.
The Dorval SC Tankers vessel is assessed at $23.7m by VesselsValue, showing the pressure on asset prices.
The owner is a joint venture between China’s SC Shipping (51%) and Japan’s Dorval Kaiun (49%).
The Golden Yosa was rated as worth only $19.5m a year ago, however.
SC Shipping parent Inner Mongolia Junzheng Energy & Chemical Group has been contacted for comment.
UK broker Clarksons lists just one other tanker sold so far in November: the 311,110-dwt Taiga (built 2007).
TradeWinds reported earlier this month that the VLCC was offloaded by Meiji Shipping for between $44m and $45m.
One UK broker said it was being circulated for sale at between $41m and $42m, with Chinese and Greek buyers in pursuit.
Eager buyers cool interest
Eva Tzima, head of research & valuations at Greece’s Seaborne Shipbrokers, said tanker earnings have been unimpressive only a few weeks ahead of winter.
She added that the more eager buyers who were ready to pay lucrative premiums in the past two years have already considerably increased their deadweight exposure in the sector.
These factors are keeping investing interest at bay.
“The ease and speed with which some sellers — particularly of older candidates — have very recently revised downward their ideas is helping toward a premature correction on tanker asset values,” Tzima added.
These sellers have already made huge returns on these assets and are opting to reduce their tanker positions amid the overall prevailing uncertainty.
She said the new price level could help revive buyers’ interest in the coming weeks, especially if oil demand improves as expected.
