Chinese bunker supplier Southernpec Corp is set to scrap a floating storage vessel that was formerly a VLCC.

UK-based demolition brokers say the 293,000-dwt Star Bright (built 1993), which was converted in January 2013, is to be sold. The vessel is anchored off Singapore.

Sources stress a deal has yet to be struck but that the ship is likely to go for about $16m.