Why SK Shipping Sold Two VLCCs at a $30M Discount Despite Strong Rates

Charter coverage kept SK Shipping from cashing in on skyrocketing asset values on two VLCCs.

Brokers in Europe are reporting that the South Korean owner, backed by private equity firm Hahn & Co, sold the 314,000-dwt C Innovator and C Progress (both built 2012) for $60.3m each, after having the scrubber-fitted duo on the sale block for nearly two months.

The sale price is much lower than the $91.1m VesselsValue lists for the C Innovator and the $91.9m for the C Progress, as both ships came with time charters attached.