Metrostar Sells Two VLCC Newbuildings

HHI Greek shipping company Metrostar Management Corp has decided to sell two 308,000 dwt Very Large Crude Carriers (VLCC) on order at South Koreas shipbuilder Hyundai Heavy Industries, according to data provided by VesselValue. The vessels, Cude Med and Crude Progress, were sold to Metrostars compatriot shipowner Kyklades Maritime on October 14 for a price of USD 83 million each. The sale agreement includes the carriers charter deal previously reached with Reliance under which the VLCCs would work for the company under a 3-year time charter for USD 29,000 pd. Scheduled for delivery in January and March of 2017, respectively, the new ships feature a length of 333 meters and a width of 60 meters. With 154,000 gross tons, the ships are capable of carrying 344,600 m3 each. Metrostar Management ordered the VLCCs in February 2014 World Maritime News Staff