Yangtse SpringChina VLCC, a joint venture between China Merchants Energy Shipping and Sinotrans & CSC Holdings, is to dispose of two very large crude carriers for $133m in total.

The company has agreed to sell the VLCCs — one six years old and the other at seven years — to two unassociated companies, Tilos Shipping Corporation and Delos Shipping Corporation, which are registered in the Marshall Islands, the Shanghai-listed CMES announced in an exchange filing.

The announcement did not specify the names of the 297,600 dwt and 297,400 dwt vessels. But Lloyd’s List suggests they could be two out of three vessels, New Medal, New Founder and New Talent, which were formerly owned by Sinotrans. The VLCCs, acquired from Sinotrans during the establishment of the joint venture, are in relatively poor condition compared with vessels from CMES, and require higher maintenance costs, according to a source close to both companies.

More on this and other news in Sea Breezes Magazine - December 2015 Issue
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