Dee4 Capital Partners appears to have made a tidy profit on its last wholly-owned ship as it moves to close its second fund.
According to broker reports, the Danish firm sold the 49,700-dwt MR product tanker Dee4 Larch (built 2016) for $41m to an unnamed, compatriot owner.
This is a steep rise from the $26.5m it paid for the tanker in 2021.
“This shows yet again how far MR prices have firmed in the recent run,” Fearnleys said in its weekly report, highlighting the deal as a “standout transaction”.
The broking giant said the price was significantly firmer than the $36m the 49,100-dwt Hafnia Valentino (ex-TRF Bergen, built 2015) fetched in October.
Both ships were built at what is now Hyundai Vietnam Shipbuilding, the former Vinashin shipyard.
The valuation is in line with VesselsValue’s $40.7m estimate and on the high end of MSI Horizon’s $41.3m range.
Dee4 Capital did not respond to a request for comment.
At its height, the Carsten Mortensen-led company owned as many as 14 ships, but it sold off much of its fleet throughout 2019, 2020 and 2021.
In August 2022, it offloaded the 47,000-dwt Dee4 Dogwood (built 2008) and 46,000-dwt Dee4 Cedar (built 2010) for $44m in total.
It still owns portions of five ships though its H4 joint venture with London’s Helikon Shipping Enterprises and two with Gunvor Group in a joint venture called E4C Shipping, according to Clarksons data.
In March, Dee4 announced the first closing of its Dee4 Capital Fund II with commitments of $92m, with 18 external investors and Dee4 Capital management contributing.
It said it hopes for subsequent closings before March 2025.
In announcing the closing, Dee4 said it was evaluating options for the ship, including a potential sale.
