Bahri lets go of ageing VLCC

Saudi Arabia’s top shipping line, Bahri, has offloaded one of its oldest very large crude carriers (VLCCs).

The Riyadh-based tanker giant is said to have sold the 2003-built Lulu to an undisclosed Chinese buyer for $42.5m.

Established in 1978, Bahri is one of the world’s largest owners and operators of VLCCs with around 40 ships.

The 316,500 dwt Lulu was the company’s fourth oldest unit and worth around $44.5m according to VesselsValue data. Bahri’s oldest VLCC the 2001 Samsung-built Harad is estimated to be worth $41.6m, up from around $29m same time last year.