The creditors of collapsed South Korean owner Samho Shipping Co have realised $490 per ldt — or $20.8m — for the 300,000-dwt tanker Samho Crown (built 1996), which went “as is” at auction in Dubai and is likely to be demolished in India.

A sale for further trading in May for $22m failed to materialise.

The VLCC has been laid-up in Dubai since January 2011.