China Merchants Energy Shipping Co. (CMES) has inked a sales contract with Advantage Tankers for two very large crude carriers (VLCCs) as part of its fleet rejuvenation plans.
The deal marks Advantage Tankers’ entrance into the VLCC sector, since the company has eleven ships in its fleet dominated by Aframax and Suezmax tankers.
The two 10-year old supertankers, New Globe and New Model, were sold for USD 74 million.
CMES said the sale is part of the company’s fleet optimization plans, cutting costs and boosting its market competitiveness.
The duo was sold days before the company concluded the contract for four new-generation VLCCs worth USD 331.8 million.
The 307,000 DWT ships are scheduled to start their delivery from August 2021 running through July 2022.
CMES owns a fleet comprised of 53 VLCCs and 5 Aframaxes.