Greek shipping giants Angelicoussis Shipping Group (ASG) and Thenamaris are linked to yet more sales of ageing tankers, freeing space in their fleets for ultra-modern vessels just ordered or taken delivery of.
US-based brokers report that ASG company Maran Tankers Management is in the process of selling the oldest of its nearly 50 oil carriers — the 306,000-dwt Elizabeth IA (built 2004).
No information exists on the price but the scrubber-fitted vessel could be worth between $49m and $49.6m, according to estimates by marine data platforms VesselsValue and Signal Ocean.
This is more than twice the ship’s demolition value, according to the same sources.
The hefty cash pile from a sale of the Elizabeth IA would come in handy for Maran, which has just taken delivery of a pair of state-of-the-art VLCC newbuildings from Samsung Heavy Industries.
Named after ASG’s late founder and his wife, the 320,900-dwt Antonis I Angelicoussis and Maria A Angelicoussis (both built 2023) are dual-fuelled tankers described by the company as “the most environmentally friendly low-emission VLCCs on the water today”.
Maran has another two such sister ships under construction at SHI, due for delivery later this month and in June.
If Maran decides to sell any other of its oldest VLCCs to help fund its newbuilding expansion, they could be the 320,900-dwt Maran Aries (built 2006) and the 320,500-dwt Maran Canopus (built 2007).
‘Defying imagination’
The last time Maran sold a vintage VLCC was in October 2022, when brokers described the $52.5m fetched by the 320,800-dwt Maran Aquarius (built 2005) as a price that “defied imagination”.
Another major Greek owner taking advantage of the exceptionally lucrative tanker market to renew its fleet is Thenamaris.
TradeWinds has already reported how the Nikolas Martinos-led company received more than $400m from the sale of 17 tankers since March last year.
The latest reports from US brokers suggest that number 18 is on its way out: the 48,700-dwt Seamuse (built 2007), one of Thenamaris’ three oldest MR2 tankers, is reported sold to undisclosed buyers for $21.7m.
Thenamaris too has been pairing its sales with newbuildings.
The company has two 115,000-dwt LR2 tankers under construction at Hyundai Vietnam Shipbuilding, due for delivery in 2025. On top of these, TradeWinds reported last month about the company planning to return to Shanghai Waigaoqiao Shipbuilding in China for another three such vessels.
Another frequent Greek tanker seller has been Prime Marine Management, which brokers have been linking this month to a $23.25m sale of the 73,700-dwt Sand Shiner (built 2006).
If confirmed, this would add to a string of other recent tanker sales by Prime Marine, which included the scrubber-fitted 73,800-dwt sister ships River Shiner and Emerald Shiner (both built 2008).
VesselsValue and S&P Global’s Maritime portal show both vessels trading with India’s Gatik Ship Management now, as Ariadne and Galatia.
Greek owners, however, are not the only ones benefiting from the bonanza.
Ridgebury Tankers, another serial tanker seller and asset player, is said this week to have disposed of the 46,9000-dwt Ridgebury Mercury (built 2008) for $21m.
Lila Global, the ship management arm of cash buyer Global Marketing Systems, is reportedly parting with the 51,300-dwt Lila Rhine (built 2007) for $22.5m. Lila Global acquired that vessel in November 2021 for just $9.8m.
