When the whole tanker market is seeing a downturn, the scrapping and conversion of double-hull VLCC are on the rise.
Recently, Neda Maritime offloaded one of its DH VLCC for conversion. The 291,400 dwt overage VLCC MV Arosa (built 1993) is one of the world first DH VLCCs and the newbuilding cost was $100m at that time. The Dh VLCC sold to Thai shipyard Nathalin Group at $23.5m for further conversion.
Besides, Japanese shipping line MOL offload a 311,625 dwt VLCC Aatlntic Liberty (built 1995) for $490/LTD.