Aeolos Management appears to have finally found a buyer for a VLCC it has had on the market for three months.
The Greek company, which is controlled by the Embiricos family, has sold the 21-year old 305,000-dwt Kos (built 2001) for $27m to an undisclosed buyer, brokers said.
That represents a better-than-expected price.
VesselsValue estimated that the DSME-built is worth $25.9m, since it is due for a special survey.
Managers at Aeolos did not respond to a request for comment.
Secondhand prices for old tankers have remained high, even though freight rates have failed to cover operating costs for months.
Aeolos is listed with a fleet of seven VLCCs, with an average age of 13 years.
Last year, Embiricos disposed of four vintage VLCCs in deals that raised about $100m in proceeds. That included its oldest tankers – the 298,000-dwt Chryssi (built 2000) and 281,000-dwt Kalamos (built 2000).
By contrast, in 2018, Aeolos spent more than $90m to acquire three VLCCs on the secondhand market. A further purchase took place in December 2020, with the acquisition of the 318,000-dwt Hua San (built 2008), which has been renamed Poros.
The company's youngest tanker remains the 318,000-dwt Delos (built 2019), which was purchased as a resale from DSME for $82m in December 2017.
Embiricos family company International Maritime Enterprises benefitted from booming containership markets this year to conduct some highly profitable asset plays.
