After a string of sale-and-purchase deals involving larger tankers earlier this year, Greece’s Chemnav Shipmanagement turns its attention to smaller product carriers.
Brokers based in London and Athens are linking the Paul Coronis-led outfit to two purchases of MR1 tankers — both trading clean petroleum products and already fitted with ballast water treatment systems.
The first is the 37,600-dwt Cape Gavi (built 2008), which is said to be changing hands for about $17m.
The ship has been trading since 2019 with the United Product Tankers pool, registered under the ownership of Schoeller interests and possibly financed through Norwegian financial house Pareto.
Buoyed by rising freight rates, MRs have been among the most popular acquisition targets on the tanker market.
Another pair of vessels in the UPT pool, the 40,000-dwt sisterships Cape Bradley and Cape Bacton (both built 2004), have also been reported sold this month to undisclosed German buyers for between $15m and $16m each.
Separately, clients of Greece's Spring Marine Management are acquiring the 38,400-dwt MR Luzern (built 2007) from German interests, reportedly for a price above $15m with forward delivery in spring next year.
From Navios to Chemnav
Returning to Chemnav, the second vessel the company bought is the 37,800-dwt Star N (built 2009).
The ship belonged to Navios Maritime Partners but the US-listed shipping behemoth announced earlier this month that it had agreed to sell it to undisclosed parties for $18.1m.
Chemnav is an active player in the secondhand market. In one notable deal reported by TradeWinds earlier this year, the company about doubled its money in an asset play for the 105,900-dwt LR2 Keros Voyager (built 2008).
Chemnav was initially focused on small chemical tankers. In late 2017, however, the company started taking on bigger tankers as well.
MR product tankers have been a key part of its recent expansion strategy. In a deal reported by TradeWinds late last year, the company acquired Celsius Tankers’ 53,500-dwt Celsius Palermo (renamed Palermo, built 2010) for about $16.75m.
The ship is now estimated to be worth more than $24m.
In the middle of 2022, Chemnav also emerged as manager of the 46,800-dwt Priority (renamed Priority C, built 2005) — a vessel reported sold by Maersk Tankers for about $13.4m.
