Iraq’s Jannat Alferdos sells its only VLCC

Iraq’s Jannat Alferdos Company for Oil Services has quit shipowning again. 

The one-ship-strong outfit has sold a 19-year-old VLCC only months after buying it.  The ship was added for $40m when it was named Sake from Dynacom Tankers Management in September,  and was then renamed with a more sober name, Alraya. The 300,400 dwt Ishikawajima Harima Heavy Industries-built ship tanker is listed as sold on subs for $44m. This rusty mammoth is scrubberless and has its special survey due at the end of the year. In the past, Jannat Alferdos’s name has been painted on two 25-year-old suezmaxes.

In a separate development, Quartz Ventures, a Greek outfit, has exited shipping, selling the 309,200 dwt, 2003-built Loggam, a ship built by Samsung Heavy Industries, for just under $31m to Chinese buyers. The buyers have renamed the ship Xi Xiu.