Embiricos concludes second VLCC sale in a week

Greek VLCC owner Aeolos Management is continuing to play an active role in the sale and purchase market with another VLCC deal.

According to brokers it has concluded a second deal in a month, replacing a 19-year-old unit with a 16-year-old tanker.

The Hyundai Samho-built 319,000-dwt Mediterranean Glory (built 2004) has been acquired from South Korea’s Sinokor Merchant Marine for an attractive $31.5m.

UK-based online firm VesselsValue says this tanker is worth $33.5m.

Mediterranean Glory is not due for a special survey till November 2024.

The Greek owner has a policy not to comment on commercial matters.

Only a week ago, Aeolos sold the 306,000-dwt tanker Astipalaia (built 2001) for $26.5m to Modec for conversion.

Prior to the last two deals, the Phillip Embiricos-led Aeolos had a fleet of 10 VLCCs with an average of 15 years.

Sinokor bought Mediterranean Glory as Irine SL from Enesel of Greece for $29.6m in May 2017. The ship is understood to be on a one-year charter to China’s Zhenhua Oil.