Transportation Recovery Fund (TRF) is believed to have sold two more tankers in an active period of disposals by the shipowner.

The Norwegian-American private equity fund has sold the 36,700-dwt TRF Memphis and TRF Mobile (both built 2016), according to brokers in Europe and the US.

One source suggests the sale price was $69m total, or $34.5m each, while another said $38m each.

Regardless, the reported sale values are lower than valuation services.

VesselsValue suggests the TRF Memphis is worth $43.7m, while it estimates the TRF Mobile at $44.1m. MSI Horizon gives both ships a valuation between $35.3m and $43.4m.

TRF did not respond to a request for comment.

Brokers explained that the price could reflect an adjustment to the end time of charters attached to the tankers.

The vessels, built at Hyundai Mipo, are scrubber-fitted, eco-designed and are said to have been bought by Norwegian owners.

Both trade in Hafnia pools.

The company, which has offices in midtown Manhattan and Oslo’s Barcode, has been linked to 12 sales since last October, including the TRF Memphis and TRF Mobile.

Higher-profile deals include the sale of the 49,100-dwt TRF Bergen (built 2015) to Hafnia for around $36m and the 297,600-dwt TRF Horten (built 2018) to Zodiac Maritime for $102m.

Others have been below the radar, including four smaller tankers: the 37,600-dwt TRF Mongstad, TRF Moss, TRF Mandal and TRF Marquette (all built 2016).

The TRF Mongstad and TRF Moss were said to have been sold for $36.5m each to Hafnia, which denied involvement.

Last month, TradeWinds reported the TRF Mandal and TRF Marquette as sold to Greek-Danish outfit Sokana for $38m each.

Tanker asset prices are strengthening, on the back of a mostly stronger market and small orderbook.

Clarksons said in its weekly report that a 10-year-old, 37,000-dwt handysize tanker was worth $34m over the past three months, a slight strengthening.

In 2021, a similar ship was worth just $14.5m before climbing to $23m in 2022 and $29m in 2023.

Following the sale, TRF has eight tankers on the water, plus five under construction.