Roaring tanker markets continue enabling top-notch Greek shipowners to offload some of their oldest vessels at juicy prices.
A fresh spate of deals reported by brokers since 10 February include vessels sold by Navios Maritime Partners and Eastern Mediterranean Maritime (Eastmed) — two companies known to be on something of a sale spree recently.
The two VLCCs they are said to be disposing of are just the latest examples of a hyperactive sales drive by major owners since February last year, when the outbreak of the Ukraine war boosted tanker freight rates and demand for older tankers across the world, particularly in jurisdictions unencumbered by sanctions against Russia.
Greeks have not been the only Western sellers to grasp that opportunity, with companies based in the US and Norway, among others, also benefiting.
Greeks’ sheer weight in the tanker business, however, combined with their propensity for well-timed fleet renewal and asset-play strategies, has given them a prominent role.
According to data compiled by TradeWinds, Greek interests have sold about 125 crude and product tankers over the past 12 months in confirmed deals worth an estimated $3.4bn.
Including other deals reported recently, in which ships have not changed hands yet to ultimately confirm that a transaction took place, brings the total to about 150 vessels in deals generating more than $4bn in proceeds.
That is a steep rise from the estimated 100 tankers sold by Greeks over the full duration of 2021 for total proceeds of $2.8bn.
Let the oldies go
The latest VLCC deals reported by brokers fall under the unconfirmed category, as the companies concerned have yet to respond to a request for comment.
In both cases, Navios Partners and Eastmed are said to be shedding the oldest VLCCs in their sizeable, mixed fleets.
US-listed Navios Partners, a behemoth owner controlled by Angeliki Frangou, is believed to be receiving $58m from the sale to Singapore-based buyers of the 297,400-dwt Nave Photon (built 2008).
In line with a host of other ageing tankers and bulkers that Navios Partners has sold in recent months as part of a fleet renewal strategy, the Nave Photon is not tied to any long-term employment at the moment and is the company’s oldest vessel in its ship type.
Analysts are describing the ship’s $58m as firm, especially considering that the Chinese-built vessel is to pass its special survey by October.
This marks “a strong data point for ageing VLCC tonnage”, Fearnley Securities said in a note on 13 February.
Navios Partners has been selling several bulkers as well, as TradeWinds reported. Its latest such deal reported by brokers concerns the 56,600-dwt supramax Serenitas N (built 2011), possibly for $12.5m.
Meanwhile, Thanassis Martinos-controlled Eastmed is said to be divesting the 308,800-dwt scrubber-fitted VLCC Adventure (built 2005) to undisclosed buyers for around $52m.
This is slightly below the $52.5m that the owner fetched late last November for the sister ship Birdie.
Another tanker sale that probably happened around the same time as the Birdie has emerged only recently.
Angelopoulos brothers-controlled Arcadia Shipmanagement has offloaded the 159,100-dwt suezmax Aegean Dignity (built 2004), one of its two oldest vessels, for a price between $35m and $38m.
As with several other tankers, the Aegean Dignity has emerged in the fleet of India-based Gatik Ship Management — arguably the world’s busiest known tanker buyer in 2022.
S&P Global Markets shows the Aegean Dignity trading with Gatik under its new name of Jumbo.
Vardinoyiannis company Avin International, among the most successful asset players in the business recently, is said to have disposed of yet another ship — the 47,000-dwt MR tanker Kriti Sea (built 2002). Turkish interests are said to have picked up the vessel at an undisclosed price.
Greeks have been buying tankers as well, but when they do, it is much younger tonnage.
Serial tanker seller Thenamaris has recently emerged as new owner of the 108,500-dwt tanker Southern Rouse (renamed Sealoyalty, built 2018) — a former Nissen Kaiun-owned vessel that reportedly changed hands in December 2022 for $62m.
