Eight VLCCs built between 1996 and 2001 have been sold for further trading — a number of them on subjects. Not infrequently, deals fail to materialise if, for example, buyers change their minds about acquiring elderly tonnage or cannot pay the agreed price.

However, VLCC charter rates have firmed during the autumn, making buys more attractive.

Norwegian owner John Fredriksen has been the most active seller of vintage VLCCs, with four units put on the block.