Korea Ship Finance has sold its sole VLCC for demolition, TradeWinds understands.

Sources say the 298,000-dwt OS Arcadia (built 1996) has been sold as is in Singapore for $420 per ldt or $17.7m.

The ship is set to be resold to Bangladesh.

Yesterday brokers said the tanker was close to being sold for $405 per ldt.

The ship is to be delivered either late in December of mid January.