A low-profile Greek product tanker owner seems close to completing a highly successful cycle of investments in the ship type.
Several brokers report that Leon Shipping & Trading is selling its fifth and last ship over a 16-month period that saw the firm conclude a string of asset plays.
TradeWinds has reported on four deals — three of which have been confirmed and completed.
After profitably divesting the 17,600-dwt Leon Herc (renamed Bromley, built 2008), the 37,600-dwt Leon Poseidon (renamed Zaphira, built 2011) and the 40,400-dwt Leon Zeus (renamed Ars et Labor, built 2008), Leon Shipping was widely reported two months ago to be offloading the 75,000-dwt Leon Apollon (built 2009) for $28.5m.
The company’s last remaining vessel is now changing hands as well, according to several brokers.
Unidentified interests are said to be spending at least $23m on the 40,200-dwt Leon Hermes (built 2008) — an SLS-built ship that passed its special survey in December.
Company managers did not respond to a request for comment.
An incentive to sell is certainly there, given the profit that Leon Shipping is likely to pocket from the deal amid current market values.
The Panos Efthimiadis-led company acquired the Leon Hermes seven years ago from Germany’s Chemikalien Seetransport at a much lower $15m.
Leon Shipping’s other sales were profitable as well.
The — as yet unconfirmed — divestment of the Leon Apollon in December is said to have been concluded at about $28.5m, which is far above the $17.8m the company spent to buy that ship four years earlier.
