A dearth of modern tankers offered for sale amid robust markets for crude and product carriers has led to a price surge for the few sale candidates out there.
One of them — the 159,800-dwt RS Aurora (built 2018) — is said to have been committed at a remarkably high valuation.
Brokers in Athens and the US said Greek owner Stem Shipping agreed to part with the Chinese-built suezmax for more than $64m. Other shipping sources in Athens put the transaction price even higher, at above $66m.
Both these readings far exceed online valuation estimates.
Using data as of 21 October, Signal Ocean put a $55.8m price tag on the RS Aurora. VesselsValue estimates its worth a little higher at $58.3m.
Considering that the Bodouroglou family, which owns Stem Shipping, had agreed to buy the ship four years ago for around $50m, the temptation to cash in on its rapid price appreciation must have been hard to resist.
The ship’s purchase at the time, alongside that of the 160,000-dwt sistership RS Tara (built 2016), had marked Bodouroglou’s return to tanker markets following a 12-year hiatus.
Both the RS Tara and the RS Aurora are currently managed by Greek peer Prime Marine Management.
The sale of the RS Aurora does not suggest that the Bodouroglous are getting out of tankers. The RS Tara remains in the Stem Shipping fleet. The company also lists eight bulkers and two container ships on its website.
Reluctance to part with tankers, especially as young ones as the RS Aurora, reflect the strong fundamentals of tanker markets following Ukraine-related upheaval and the change of trade patterns.
“The list of crude tankers that are currently for sale is still very thin ... with owners preferring to keep trading their vessels in anticipation of a stronger market ahead,” brokers at Athens-based WeberSeas wrote on 27 October.
The buyer of the RS Aurora — Delta Tankers, has been securing eye-catching rates for its considerable tanker fleet of five aframaxes, 22 suezmaxes and five VLCCs.
Diamantis Diamantides-led Delta last bought a tanker on the secondhand market at the end of April, when it swooped on the 159,800-dwt Stena Supreme (renamed Delta Supreme, built 2012) for about $37m.
Chandris in resale?
Stem is not the only company splitting its eggs, cashing in on asset plays with tankers and earning high freight rates with others.
Chandris (Hellas), which took delivery in September of the 115,200-dwt Althea (built 2022) from DH Shipbuilding, is now said to be divesting a sistership newbuilding straight from the yard.
US brokers report that the 115,000-dwt Daehan 5075 has found new owners for $72.5m.
The LR2 product carrier is due for delivery in December, according to the S&P Global Market Intelligence database.
Chandris managers declined to comment, citing a standard policy to not comment on commercial matters.
Low-profile Chandris had ordered the two newbuidings for just about $50m each at the end of 2020, just before shipyards started jacking up shipbuilding prices.
Another well-timed tanker order was made at about the same time at DH Shipbuilding by Atlas Maritime. The Athens-based player has resold two of the five aframaxes it booked there.
