US-based distressed-asset investor Varde Partners has made an $88m play in the VLCC market at a time when smart money is showing an interest in a sector where earnings are pushing post-crash highs.
Varde has already had a taste of the hot VLCC market this year as an investor in Ridgebury Tankers’ move on older tonnage and has now decided to take up a similar investment for its own account.
The
