The liquidators of failed Singaporean tanker owner Xihe Holdings have sold for recycling an elderly VLCC that has been used in a storage role off the city state for several years.

The 309,300-dwt Sea Latitude (built 2001) is one of very few VLCCs sold for demolition this year.

Ralph Leszczynski, Bancosta's head of research, told TradeWinds that so far only five VLCCs have been confirmed as having been scrapped in 2021 despite several more reported deals.

"There is a bit of a lag of a month or two in the statistics compared to the 'market rumours', but avoids situations where cash buyers buy vessels only to hang on to them for further trading, which is certainly not unheard of," Leszczynski said.