Greek owner George Procopiou has flipped an ageing tanker he bought just three years ago at a healthy profit.
European brokers said his Dynacom Tankers Management has agreed to sell the DSME-built 305,800-dwt Poseidon I (built 2002) for $26m.
That is a high price, considering that Mitsui OSK Lines is believed to have sold its Mitsui-built 300,000-dwt Selene Trader (built 2003) earlier this month for just $23.5m. Brokers interpreted this as a sign of poor spot freight rates finally having an impact on vessel values.
On the other hand, the high price achieved by the Poseidon I also reflects the fact that the vessel underwent dry-docking as recently as in September.
This is by any consideration a good deal for Procopiou, who bought the tanker from Gener8 Maritime in October 2017 for about $22.5m.
Athens-based Dynacom has as a policy not to comment on commercial matters.
The Poseidon I is understood to have been bought for further trading. Data on IHS Markit suggests the vessel has already been delivered to its new, undisclosed owners. It has been renamed Virgo and is listed under the commercial and technical management of entities without any previous track record that are based in Surinam and India.
Vessel trackers show the ship currently at anchor in Khor Fakkan anchorage, off the United Arab Emirates.
Dynacom is an active player in the sale-and-purchase market. At the end of September, the company spent about $45m to purchase a much younger VLCC, the 311,000-dwt Tokitsu Maru (renamed Kitsos, built 2011).
Dynacom is listed with a fleet of about 50 tankers. The Poseidon I was the oldest among the company's nearly 20 VLCCs.
