VLCC sold at capital loss

Tokyo: In a rare instance, in today's market, of an operator taking acapital loss on a tanker sale, Shinyo International has sold its VLCC,Shinyo Florentina, for $135m - $5m less than the Tokyo-based operator paidfor the vessel in July 2005. Then it represented a nice piece of businessfor Greek owner Nicos S Lemos who sold it to Shinyo within months of its2005 delivery from Samho Shipyard at nearly double its original contractprice. The vessel has gone to another Greek operator, London-basedLykiardopulo. (22/08/06)