Two Greek companies have concluded highly lucrative sales of MR product tankers.
Both owners bought the ships before the Ukraine war and have held them since, amid steadily rising asset values.
In the first of these transactions, tanker specialist Coral Shipping has parted with the 47,400-dwt Daytona (built 2005) at a price between $17.5m and $18m, according to market sources and broker reports.
John Kilakos-led Coral had bought the ship for just $10.5m back in December 2018 — when tanker rates were far weaker.
The second transaction is even more lucrative.
Several brokers and market sources report that Lion Bulk Carriers, a Glyfada-based owner of five bulkers and tankers, has agreed to sell the 38,300-dwt Atlas Star (built 2008) to a Greek peer for $23m.
Lion Bulk is realising a considerable profit on the deal.
Pre-war agreement
The company had agreed to buy the Chinese-built product tanker from Norden in February 2022, just a few days before the Ukraine war broke out, for about $9.5m.
Lion Bulk had bought its first tanker in November 2021.
The 16,700-dwt Boroy (built 2007) remains in the company’s fleet, trading as the Essex Star.
Coral Shipping, an owner and manager of about a dozen product and chemical tankers, is a much busier player in the secondhand market than Lion Bulk.
TradeWinds reported in early May how Coral bought the 50,000-dwt Stavanger Pioneer (renamed Optimus, built 2019) from Norway’s DSD for less than $48m.
The company has emerged with another, much older tanker since — the 70,300-dwt Theodosia (renamed Octa Divine, built 2004) — which Greek peer Halkidon Shipping had sold in May to undisclosed buyers for about $18.5m.
The two asset plays by Coral and Lion Bulk highlight how firm and active the secondhand market for MRs still is, despite soaring prices.
“Demand for product tankers remains healthy,” Athens-based brokerage WeberSeas said in its latest weekly report on 12 July.
Torm provided further evidence of the demand on 15 July, when it revealed a $340m acquisition of eight MR product tankers.
