BW Group has joined Mitsui OSK Lines (MOL) in becoming one of the first owners to scrap a relatively modern double-hulled VLCC.
The Andreas Sohmen-Pao-led shipowner is reported to have sold its 306,000-dwt tanker BW Stadt (built 1994), brokers say.
The ship is said to have achieved a scrap price of $430 per ldt resulting in a payday of $17.6m for the Singapore shipowner.
The Sumitomo-built ship was also the oldest VLCC in the BW Group fleet of fifteen ships plus one newbuilding.
Attempts to reach BW Group chief Andreas Sohmen-Pao for comment on the deal were unsuccessful at the time of writing.
BW is only the second owner reported to have sent modern double-hulled VLCCs for demolition.
Earlier this month MOL became the first shipowner to sell such a ship when it sold the 311,625-dwt Atlantic Liberty (built 1995) for scrap in India.
Then MOL followed up with the sale of the 267,000-dwt Ohminesan (built 1996) and 259,000-dwt Orion Trader (built 1997) also destined for breaking in India.