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China Merchants Energy Shipping scraps elderly VLCC

China Merchants Energy Shipping scraps elderly VLCC

China Merchants Energy Shipping (CMES) has sent an aged VLCC to the scrapyard for a price of RMB93.75m ($15.37m).

The 285,700-dwt VLCC named Kaixuan was delivered to CMES in March 1993 from Japanese yard Hitachi Zosen. CMES said the single-hull tanker has a remaining operational lifespan of just 4.5 years before it reaches 25 years old.

“The tanker Kaixuan is more than 20 years old, making it one of the few aged VLCC that should be retired from the market. CMES believes that the old VLCC has significantly lesser opportunities to find fixtures, and its disposal will help to streamline the company's fleet and reduce operating costs,” the Shanghai-listed shipping firm said.

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

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