Athens-based Aerio Shipmanagement is cashing in on one of the MR tankers it acquired at depressed prices three years ago to reinvest the proceeds in fresh tonnage.
“I believe this market has legs,” the company’s founder and former ship finance man Athanassios Kossidas told TradeWinds, confirming one MR sale and three purchases by his company.
On the sale side, Aerio achieved a remarkable asset play with the sale of the 46,000-dwt Fos Energy (built 2006).
Kossidas did not comment on the buyer or the price but brokers report that the STX Offshore-built vessel fetched about $20.5m, with an interim survey due.
Aerio had bought the ship in July 2021 from South Korea’s Pan Ocean for just $9.3m.
This was one of three product tankers that Aerio had invested in between May 2021 and February 2022. What looked like a haphazard investment at the time has now come up trumps, after geopolitical turmoil sent the tanker market into overdrive.
In the expectation that sanctions against Russia and friction in the Middle East will persist for quite some time, Kossidas has decided to invest in the segment again.
“Market inefficiencies will continue to exist for the next three years,” he said, confirming that his company has agreed to purchase three vessels.
Two of them are among a batch of five MRs that US-listed Scorpio Tankers announced selling last month.
The scrubber-fitted 50,000-dwt STI Garnet and STI Ruby (both built 2012) are set to join the Aerio fleet.
Emanuele Lauro-led Scorpio announced the sale of the two ships in separate deals worth $179m, which also saw Scorpio offload the 50,000-dwt STI Onyx and STI Topaz (both built 2012), as well as the 50,000-dwt STI Beryl (built 2013) — a ship that went to India’s Great Eastern Shipping.
The third ship Aerio has agreed to buy is the 50,400-dwt Dignity (built 2010) from Vassilis Bacolitsas-led Sea Pioneer, an owner Kossidas has been familiar with for about two decades.
No price was disclosed for that transaction but brokers report that Sea Pioneer sold the Dignity to undisclosed buyers for about $29m. Sea Pioneer has owned the ship since it was delivered as a newbuilding from Guangzhou CSSC Longxue Shipbuilding.
Bullish for tankers
It is characteristic of his confidence in the market’s prospects that Kossidas has no plans “at present” to put up for sale any of the other three tankers acquired at low prices in 2021 and 2022, barring any offer “way above” current market levels.
On the contrary, he is eyeing further expansion, in case a good opportunity comes up that is not at current sky-high prices.
“We’re looking for more,” Kossidas said.
