Greek shipowners are realising big premiums for tankers available for quick sales, according to one researcher.
Eva Tzima, head of research & valuations at Seaborne Shipbrokers, said that last month was probably the busiest December in more than a decade in terms of tanker sale and purchase (S&P).
“Greek owners of older tonnage managed to achieve out of this world premiums on candidates they got to market for a very short period of time,” she added.
This was also true of ships that owners did not intend to sell initially but that they decided to offload after being approached by “very firm” buyers.
“And while [Greek owners] themselves steer clear from investing in the sector, feeling uncertain about how long current returns will be maintained to justify today’s asset values, there are still several prospective investors outside Greece focusing on candidates from MR1 up to aframax,” she argued.
This includes often-neglected LR1s that have been regaining their popularity.
These investors remain confident that the market will sustain its momentum, with more disruption from February onwards looking like a sure thing, Tzima said.
Dynacom, Delta Tankers, Eastern Mediterranean, Avin International and Westport Tankers have all been linked to deals in recent weeks.
Brokers were reporting Marshall Islands-registered Ornella Shipping’s 39,000-dwt MR Delphi (built 2006) sold for $14m to unknown interests this week.
The vessel was worth $8m a year ago.
Bulker buying slows
On the bulker side, Tzima said it was not surprising that amid holidays and falling earnings, activity in the S&P arena remained muted.
Several enquiries that were still active days before the year ended became less firm as sentiment took a hit, she added.
“The wild yo-yo movement seen on the capesize front in the past days has yet to push prospective investors to the sidelines, though, with some of them still looking to take advantage of the softer levels, being convinced that the next rebound of the market will take place shortly and last much longer than a few days,” she said.
Tzima also noted some interest in very modern eco kamsarmax and ultramax tonnage, which is valued about 10% lower than a year ago.
The availability of candidates fitting this size and age profile is “very restricted”, she said.
