Owners of MR tankers have continued to capitalise on high demand from buyers against a background of rising asset prices and strong rates.
The tanker sale-and-purchase market has been dominated by this clean tanker class, brokers say.
Cleaves S&P broker Einar Straume said: “There were more sales this week than we care to count.
“As usual, mostly elderly tonnage is being sold, where about 15 to 18-year-old ships generally fetch around or even into the low-$20ms.”
Broker lists show 24 MRs have been sold since this time in February, although three of these were Scorpio Tankers purchase options declared from Chinese lessors.
UK shipbroker Gibson has tracked more than 140 product tankers carrying Russian oil banned in Europe, indicating a growth in the shadow fleet of clean vessels and a willingness among some mainstream players to transport exports under the price cap mechanism.
An example of a more modern vessel being sold is Danish owner Navigare Capital’s 51,000-dwt Navigare Pars (built 2012), which went for $32m to unknown interests.
This ship is valued at $29m by VesselsValue, having risen from $20m a year ago.
Navigare paid only $24m for the tanker from LGR di Navigazione of Italy in 2017.
Norway’s Viken Shipping was linked to the sale of its 37,900-dwt MR1 pair Inviken and Utviken (both built 2009) for $20m each.
This is against a $21m valuation from VesselsValue, but up from $13m at this time in 2022.
Back in the money
Viken bought the ships from Rigel in Germany for $15.8m and $15.6m, respectively, in 2018.
A European buyer is said to have taken the duo.
Danish owner Norden, meanwhile, was reported to have sold the 51,300-dwt Nord Skate (built 2009) to Turkish interests for $24.5m
Eva Tzima, head of research & valuations at Seaborne Shipbrokers, said clean tankers “continue to face a revived round of buying interest, with investors not snubbing any size and showing equal focus on all available vessels from MR1s to LR1s”.
“With asset prices still firming and earnings remaining strong, it is no surprise to see the very few available mid-late 2025 newbuilding slots — these currently being the earliest ones — quickly filling up this month,” she added.
Product tankers are keeping Russian oil flowing despite the European ban and G7 price cap.
Gibson said more than 120 MR vessels and at least 21 LR2s have been involved in the trade since the European Union embargo entered into force on 5 February.
Some analysts had previously said the lack of a shadow fleet of clean tankers could hamper Russian exports, but a flurry of S&P deals has given shippers more options.
Gibson said there had been “notable changes in the ownership of the product tanker fleet”.
