Greek players have been leading a recent bout of tanker sales in the secondhand market that has seen unidentified buyers pounce on MR, aframax and panamax tonnage built between 2005 and 2013.
“Activity resumed on levels familiar to those noted as of late, with MRs [in] the lead role once again ... [and] numerous reported transactions coming to light,” Athens-based Allied Shipbrokers said on 4 December.
Other analysts also say the buying appetite has resumed, despite rising asset prices. That applies especially to vessels with prompt delivery, which allow new owners to trade in the busy winter months.
Eva Tzima, head of research at Seaborne Shipbrokers, said: “Those looking to increase their position in tankers before the year-end seem less concerned by the yo-yo movement of rates and more encouraged by the fact that returns have on average managed to stay at very healthy levels.”
The most recent buyers have not been identified yet.
Experience suggests they may be based in countries such as the United Arab Emirates, India, China and Turkey, which are unencumbered by Western sanctions against Russia and can offer access to independent insurance and banking arrangements.
In the latest deals reported by Greek brokers, Latsis company Latsco Shipping is said to be raising $68m in total from the en bloc sale of an MR sistership pair to undisclosed buyers.
The 51,400-dwt King Gregory (built 2012) and 51,500-dwt Lady Malou (built 2013) are the oldest units in Latsco’s fleet of 11 MR tankers and among the oldest of the 41 tankers and gas carriers the company has in the water.
Latsis managers did not respond to a request for comment.
The two ships have probably been sold at the end of their time charters. In November 2022, London-based brokers reported they were fixed by ST Shipping for a year at $30,000 per day.
The price they are said to be fetching is not far below, in nominal terms, the figure that Latsco paid 11 years ago to order them at Hyundai Mipo Dockyard.
Latsco is a diversified owner but it has not made expanding in tankers a priority of late. The company has not bought a single secondhand crude or product tanker since taking delivery of four VLCC newbuildings in 2022.
Latsco has instead been busy pivoting towards other types of vessels, booking three ultramax bulkers and four LPG carriers, as well as taking delivery of two feeder boxships.
Holy John
In other MR deals, Greece’s Flynn Ventures is widely reported to have offloaded the 47,100-dwt Ocios Ioannis (built 2009) for about $25m and the 46,200-dwt Vasso (built 2006) for between $18m and $19.3m.
Flynn or clients thereof had purchased the Ocios Ioannis a year ago for about $23m. The Vasso was acquired at about the same time, for at least $18m from Greek peer Thenamaris.
Athens-based Flynn Ventures emerged in 2021. Some of its first ships had been previously associated with Greek peers Times Navigation and Holger Navigation.
Another Athens-based company, Leon Shipping & Trading, is believed to be selling its fourth tanker in 12 months.
After profitably divesting the 17,600-dwt Leon Herc (renamed Bromley, built 2008), the 37,600-dwt Leon Poseidon (renamed Zaphira, built 2011) and the 40,400-dwt Leon Zeus (renamed Ars et Labor, built 2008), the company is now said to be offloading the 75,000-dwt Leon Apollon (built 2009) to other Greeks for $28.5m.
Leon purchased the Leon Apollon about four years ago for just $17.8m.
TradeWind tanker gone?
Greeks are not the only players selling tankers at a fat profit.
Clients of Tradewind Tankers, a traditional Spanish owner and shipmanager, are said to selling one of the two vessels the company is currently listed with.
The 47,100-dwt Tradewind Energy (built 2009) is believed to be fetching $23.1m. That compared with the $16.5m its current owners spent to acquire the vessel in the spring of 2022, possibly with financing from Pareto.
An even bigger profit margin has been achieved by Greece’s Stalwart Management with a $32m sale of the 106,100-dwt S-Treasure (built 2005), as per US broker reports on 1 December.
Clients of Dimitris Souravlas-led Stalwart bought that vessel two years ago at less than half that price — for about $14.5m, in an en bloc deal with a sistership aframax that is trading as S-Trust.
