The Japanese-built tanker changed hands well below its latest VesselsValue assessment of $40.67 million. Market participants described the price as low but consistent with current conditions for older tonnage.
Sources connect the transaction to cash buyer GMS, with the vessel understood to be heading to its ship-owning arm, Lila Global. This would mark Lila Global’s second VLCC acquisition from COSCO interests in recent years. The company previously purchased the 2008-built Lila Kochi (ex M Star, 300,000 dwt) from Mitsui OSK Lines for $48 million.
“Cheap but expected,” one broker noted, pointing out that COSCO’s strict Know Your Customer requirements often narrow the circle of eligible bidders.
The most recent comparable sale was the slightly older Korean-built Dalma (307,000 dwt, built 2007), which fetched $48 million in September.
Delivery of Cosgrand Lake is arranged on standard subjects, allowing the vessel to complete existing commitments before handover.
Lila Global has remained highly active in the tanker second-hand market. Since May, the company has added two MR2 product tankers from International Seaways, one Mitsui-built VLCC, a suezmax, and a stainless-steel chemical tanker to its fleet.
The sale reflects continued turnover in the VLCC resale segment, particularly for scrubber-equipped units nearing twenty years of age, as owners reposition tonnage amid shifting freight rates and operational preferences.
