An announcement in May stated that as many as 13 VLCCs (very large crude carriers) had been ordered in the last six months, compared to seven during the same period last year. Low building prices are enticing owners, which is actually unhelpful to the trade as a whole as the new orders threaten the recovery prospects in one of the hardest-hit areas of shipping.

Today’s newbuilding VLCC prices of around $89.5 million are down at levels last seen nine years ago. However, two older VLCCs, Titan Glory and Gemini Glory, having arrived at Rotterdam after discharging crude cargoes from the Arabian Gulf at Antifer and Fawley, were fortunate to secure full cargoes for voyages to Singapore. The 308,491dwt Titan Glory was the first to load, departing Rotterdam on 26 May and arriving in Singapore on 4 July. This voyage will earn her owners around US $3.5 million. The vessel was built by Hyundai Heavy Industries of Ulsen. RC


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