An elderly VLCC lined up for recycling in the summer appears to have gained a stay of execution.

Brokers report that the 300,000-dwt Comoros-flagged Rowan (built 2001) has been snapped up by unknown Chinese interests for $29.8m.

VesselsValue assesses the ship as worth $36m for further trading, but only $26m for recycling.

The Rowan is out of class and was worth $22m only two years ago.