NGM Energy scoops profitable time charter for elderly VLCC

Greek owner NGM Energy appears to have secured a profitable one-year charter for its 309,000-dwt VLCC Alter Ego (built 2001). The tanker has been taken by Core Petroleum at $25,000 per day.

Brokers say the 12-month rate for a VLCC is $29,000 per day but that is based on a modern tanker, whereas the Alter Ego is 13 years old.

The privately owned NG Moundreas company also bought the vessel cheaply, purchasing it as Antonis last year for just $26m, which means NGM should be solidly in the black on the fixture.

A