Cash buyer GMS is re-selling a vintage VLCC previously owned by Bahri for handsome profits, supported by strong buying appetite for old tonnage amid increasing demand of floating storage.
According to brokers, the Dubai-based cash buyer bought the 300,000-dwt Ghawar (built 1996) from Bhari for $19.5m in late January, renamed the vessel as Gringo and sold it for $21m near the end of March.
