In 2011 and 2012, Meling wrote down the value of the 16,500-dwt Stavfjord and Stav Viking (both built 2009) by a total of NOK 80m, based on broker estimates.

The tankers were ordered at Jiangnan Shipyard in China for $32m each and have been on charter to AP Moller-Maersk until this spring. The Danish owner had options to extend the charters for another five years but decided not to.