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China Merchants Energy Shipping demolishes old VLCC

China Merchants Energy Shipping (CMES) has sold a 1992-built VLCC to a Chinese scrapyard for approximately RMB82.04m ($13.53m).

The 22-year-old, 285,700 dwt Kai Ye was delivered to the scrapyard on Monday, CMES told the Shanghai Stock Exchange.

The shipowner added that Kai Ye, built at Japan's Hitachi Zosen, is left with an operational lifespan of 2.9 years before it reaches the mandatory scrap age of 25.

“The 22-year-old Kai Ye is one of the few VLCCs that are more than 20 years old operating in the market, and demand for such old VLCCs is low,” CMES said in a statement.

The Chinese shipowner pointed out that its fleet renewal programme saw the company added 10 new eco-friendly VLCCs at the start of 2013. The new tankers are slated to be delivered in phases starting from October 2014.

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