Sanctioned Russian state shipowner Sovcomflot (SCF Group) looks to be banking a useful profit for an MR tanker it picked up at auction seven years ago.
European brokers reported the 51,000-dwt SCF Angara (built 2008) has been sold to unknown interests for $25m, $1m more than its valuation by the VesselsValue platform.
The ship was built at STX Offshore in South Korea and is ice class 1A, a type which remains popular among buyers.
The MR was acquired in 2016 as the Prisco Ekaterina from Primorsk International Shipping for $20m.
Sovcomflot bought nine tankers in total from the Russian owner at auction that year for a combined $215m. Primorsk was later liquidated.
The SCF Angara has a drydocking for a 15-year special survey due in December.
The ship was worth only $14.5m two years before Russia invaded Ukraine and disrupted tanker markets, sending asset values spiralling upwards.
Sovcomflot has been contacted for comment.
Allied Shipbroking said the tanker sale and purchase scene has been “rather uninspiring, with fresh deals coming with some form of scarcity for most sizes”.
“Only the MR market appears consistent for the time being,” the Greek broker added.
Norwegian broker Cleaves said tanker deals were thinner on the ground than those for bulkers.
But MR tankers “never fall out of fashion,” the Oslo shop added.
Eva Tzima, head of research at Greece’s Seabourne Shipbrokers, said very positive expectations for the months ahead are being confirmed by high numbers paid by charterers to take tankers on longer-term charters.
The bullish outlook has also been reflected in the secondhand market, she believes.
