Clients of Greek owner Prime Tanker Management are cashing in on some heat in the sale-and-purchase market.
Brokers are reporting the 50,100-dwt Endless Summer (built 2010) has been sold for $30m.
The vessel is included on Prime Tanker’s fleet list and the company is listed as its commercial and technical manager. TradeWinds, however, has reported before that its owners were members of the Pappadakis family, who control Kassian Maritime.
Prime Tankers has been contacted for comment.
The sale price comes at a slight premium, with VesselsValue pegging the ship at $27.7m and MSI Horizon giving a range of $21.4m to $26.9m.
Clarksons called the pricing “comparatively firm” against the $28m that the 50,000-dwt Gunmetal Jack and Paradise City (both built 2009) fetched last month.
The broking giant values a 15-year-old, 47,000-dwt MR tanker at $28.5m, up 6% over the three-month average and higher than the $25m average last year.
The Endless Summer would be the 19th tanker to leave the managed fleet of Prime Tanker since the summer of 2022, as part of a move to decrease its exposure to the sector.
Including the Endless Summer sale, the company’s total take would be close to $425m over that period.
It leaves two MRs in Prime Tanker’s fleet, the 48,000-dwt Andiamo and 45,900-dwt Avanti (both built 2009).
The company also controls a suezmax and a midsize gas carrier.
Although 17 of the 19 sales comes from the segment, it still has the largest exposure to LR1s — eight vessels remain in its fleet.
