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China Merchants Energy Shipping scraps elderly VLCCChina 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).

Lee Hong Liang, Asia Correspondent

October 16, 2013

1 Min Read
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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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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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