Norway's JJ Ugland is exiting the shuttle tanker business as a shipowner after selling its last vessel for demolition.

European scrap brokers said the Grimstad-based shipowner's 125,000-dwt Vinland (built 2000) has been sold to Turkey in an off-market deal worth close to $18.5m.

The tanker was due for special survey in August of this year.

Company chief executive Oystein Beisland confirmed that the tanker was sold for demolition and that the Vinland will be demolished for green recycling at a yard accepted by the European Union.