Another day, another bunch of MR tanker sales as shipowners continue to cash in on rising asset values.
Bahri has been one prominent seller lately, with the Saudi owner seemingly taking advantage of the price bonanza to lower its exposure to its smallest and oldest kind of ships.
Unknown interests based in the United Arab Emirates have already swooped on Bahri’s 49,000-dwt Bahri Iris (built 2005), with brokers putting a $17m price tag on the deal.
The Daewoo Shipbuilding & Marine Engineering-constructed product carrier, which has been operating in the Maersk MR pool, has already been delivered to its new owners and is now trading as Pioneer.
VesselsValue estimates the ship is worth $18m, up from $10m a year ago.
Bahri’s sale drive probably extends even further. On Monday, Athens-based brokers reported that the Saudi state company shook out the sister ship Bahri Jasmine (built 2005) as well — this time at a higher price of $18.3m.
Bahri does not comment on sale-and-purchase transactions.
A sale of both ships would leave the company with just two, slightly younger MR sisterships left — the Bahri Rose and Bahri Tulip, which were both built in 2006.
Bahri's MRs aren't ice-class and they have all been trading in the Maersk MR pool.
MRs are just a side show in the Saudi company's $2.8bn fleet of 41 tankers, which mainly consists of VLCCs.
Bahri has bought only one ship since 2016, Vitol’s 300,000-dwt VLCC Elandra Denali (built 2020) for $112m in 2022.
Last year, the company sold off four VLCCs and an LR2.
Another MR reported to have changed hands is the 45,900-dwt Japanese-built Odori (built 2005), at $20m with a dry-docking due, compared with a VesselsValue assessment of $17.5m.
The seller is Greece’s Spring Marine Management, which acquired the tanker in April 2019 from Japan’s NYK Line for $10.7m, a hefty profit over three years. The owner has been contacted for comment.
Turkish asset play
Brokers also reported the sale of the 50,600-dwt Harbiye (built 2008) for an undisclosed price.
VesselsValue assesses it as worth $24.7m, up from $23m a month ago
Turkish owner Besiktas Likid Tasimacilik bought the tanker from Negmar Denizcilik last November, but again the price was not reported.
The new buyer is reported as Italy’s Premuda, which has been contacted for comment.
VesselsValue said earlier in April that the MR S&P market is the best in 15 years.
Analyst Rebecca Galanopoulos Jones calculated that a 20-year-old clean carrier is worth nearly 6% more since the start of April.
Ships of 45,000 dwt built in 2003 are going for $15.59m — the highest since October 2008 after steady increases since the start of 2022.
For 15-year-old tankers of 50,000 dwt, the rise has been 3.52% this month to $23.83m.
MR sales volumes have jumped 39% year on year.
