Brokers report the 297,200-dwt New Progress (built 1994) has been sent to the beach in Pakistan.

A price of $514 to $515 per ldt is being placed on the sale, which comes in at around $20m for Polemis’ New Shipping.

The figure is down from the last VLCC demolition deal, the disposal of the 307,000-dwt Hebei Mountain (built 1995) for a full $526 per ldt, or $21.9m,