Evangelos Marinakis-controlled Capital Maritime is reportedly selling a modern crude tanker at a price significantly above what the Greek company paid to order the vessel six years ago, when markets were in the doldrums.
US brokers are tying state-controlled Azerbaijan Caspian Shipping Co (Asco) to the purchase of Capital’s scrubber-fitted 115,500-dwt Aristofanis (built 2020) for $78.8m.
This is an eye-catching price, not just compared with the $50m that Marinakis is believed to have paid when contracting the vessel as a newbuilding at Daehan Shipbuilding in 2018, but also compared with last-done levels for similar ships lately amid steadily climbing tanker values.
Asco is known to be expanding its aframax fleet. In April, it acquired a slightly older aframax from Marinakis for about $68.5m, the 113,000-dwt Aristoklis (renamed Shusha, built 2017).
The Aristoklis was the first in a string of aframax acquisitions by Asco — which was traditionally an owner of small chemical tankers — in cooperation with Azerbaijan state oil company Socar.
Socar and Asco joint-venture SA Maritime AFEZCO took over management of Socar’s 107,500-dwt Silver (renamed Zangazur, built 2010) at the time and it also bought a third aframax from Greek owner Pleiades Shipping Agents for about $68m — the 114,500-dwt Sperchios (renamed Karabakh, built 2018).
The reported purchase of the Aristofanis this week was likely carried out by AFEZCO as well, TradeWinds understands.
Managers at both Capital and Asco did not immediately respond to a request for comment.
Breaking into oceangoing bulkers
Asco’s expansion drive is not confined to tankers.
TradeWinds reported in February how the Baku-based company took out a $42m loan from the European Union-backed European Bank for Reconstruction & Development (EBRD) to finance the purchase of two handysizes in a move that would mark the company’s entry into oceangoing bulker shipping.
Within a few weeks of the loan being completed, Asco emerged as the new owner of a modern bulker — the 38,600-dwt Khojaly (built 2019).
That ship was previously known as Sider Harmony — a handysize that TradeWinds had reported sold in April by Swiss-based Nova Marine Carriers to unidentified Middle Eastern buyers for $28.5m.
Asco’s bulker and tanker purchases are part of a drive to modernise its extensive fleet.
Apart from managing 14 small and old general cargo ships, 20 small tankers, 15 ferries and two ro-ros, Asco has a large offshore fleet of more than 200 ships that include support, supply and crane vessels.
