Little influenced by the vagaries of the tanker market, heavyweight Greek owners Thenamaris and Maran Tankers have resumed long-term fleet renewal plans with secondhand deals that show them on opposing sides of the S&P fence.

Brokers are linking the two companies in deals for a VLCC and a suezmax, providing some variety in a secondhand market that has been recently dominated by transactions for smaller product tankers.

A spillover of that interest to larger crude carriers could signal widening anticipation of a much-hoped-for tanker freight rate recovery. Late on 12 November, Tsakos Energy Navigation interpreted the conclusion of long-term charters for two of its VLCCs as just such a sign.

Thenamaris resumed purchasing tankers after more than six months, with brokers based in Greece and London linking the Martinos family company to the acquisition of the 158,300-dwt suezmax Densa Whale (built 2012) for about $32m.

Maran, by contrast, is believed to have shaken out yet another of its oldest VLCCs, the 306,100-dwt Maran Corona (built 2003), to undisclosed buyers for about $28.5m.

Managers at both companies did not respond to a request for comment. Thenamaris and Maran are known to have a policy of not discussing commercial matters.

Holding the course

The Thenamaris deal would fit with the company's strategy so far this year to pounce on large tankers about 10 years old in replacement of older ships leaving the fleet.

In spring, Thenamaris spent about $55m to buy one VLCC and one LR2 tanker from Asian sellers. At about the same time, the company offloaded one suezmax and two aframaxes of around 20 years old in deals with Chinese and Vietnamese buyers.

During the course of 2021, Thenamaris has also been busy ordering MR ships and laying its hands on VLCC resale tonnage.

Its latest move to buy the Densa Whale could be read as yet another sign of market positioning ahead of an anticipated tanker freight rate recovery amid rising oil prices and production.

The Densa Whale is the youngest secondhand suezmax to change hands since February, according to brokers.

The vessel is currently listed as owned by Turkey's Marinsa Shipping. Managers at the Istanbul-based company did not respond to a request for comment.

Marinsa could be motivated to sell, as the Densa Whale is due to pass special survey in March. According to shipping data platforms, the Hyundai Heavy Industries-built vessel is equipped with neither a scrubber nor a ballast water treatment system.

Easy seller

Maran's sale of the Maran Corona shows that the Maria Angelicoussis company continues to have no difficulty in finding buyers for its oldest VLCCs.

The Maran Corona would be the ninth VLCC built between 1999 and 2003 that the outfit is disposing of over the last 12 months. Several of these ships are believed to have gone to Chinese buyers.

Maran has been even busier with fleet expansion plans.

Since the summer of 2020, the company has ordered or taken delivery of nine VLCC and suezmax newbuildings from South Korean yards. Furthermore, in October last year, it took three VLCCs of about 10 years old from the sell-off of Xihe Holdings' interests.