Hi Ted,

Yes I understand that about bulkers too.

Incidentally, the reason for changing from one flag to another on final scrap voyages relates to the sale agreement. It's standard practice for ships to be sold to a cash buyer who has the responsibility of delivering the vessel to the breakers. It's usually a contractual stipulation that the cash buyer changes the ship's name and flag prior to delivery.
Brgds
Phil

HI PHIL
correct,, and we facing the same problems with bulkers. Big corn movers don,t take bulkers when they are over 15 years old.

In addition to the explanation on Frontline's press release (Kindly quoted by Bernd) Oil majors have an informal policy of excluding VLCCs and suezmaxes over 15 years old from their charter approvals. Hence, employment opportunities for this and similar-age VLCCs is limited.

It seems that she got just for the beaching a new flag,,changed just from Bahamas to the Comoros, that has for sure to do with money

@ Bernd
thanks info, They may take the money what they get for the scrapping and what they save now to use it as investment into the next ship. Ship financing is now much more difficult then before and banks request much higher money from the owners then years back. Putting a lot money into the next stage of life or build a new one with the latest technology and much more important with all the regulations adhered is a expensive matter and it comes with the new. Only new ballast water management systems can run easy to a million dollar per ship

Frontline Ltd. has agreed with Ship Finance International Limited to terminate the long term charter party for the 1998 built VLCC Front Champion. The charter party is expected to terminate in November 2013. The decision to terminate the long term charter party was taken in view of the required investment to take the vessel through the 15 year special survey and current market rates.

Double Hull

Was she double hulled or single ? If single hulled,,that could be the reason why.

Wow Martin, you caught her on her final voyage! She is going for scrap at a very young age, just when the market is going up again. John Frederiksen must be scratching his head now, or maybe not?

A real nice tanker. Really sad to be demolished so soon.