A red-hot tanker market has begun attracting Turkish shipowners not associated with such ships before.
An MR vessel reported sold by Celsius Shipping two months ago has now emerged in the fleet of an Istanbul-based company so far known to be active in bulkers, gas carriers and passenger ships only.
The firm in question is Manta Denizcilik, which market sources in Istanbul identify as the new owner of the 50,100-dwt Celsius Richmond (built 2010).
Celsius sold the Onomichi Dockyard-built ship in mid-June for about $19.3m. Brokers said at the time that an unknown Turkish company picked up the vessel.
Reference sources show the ship was renamed Manta Galatasaray earlier this month, with its operation entrusted to Maersk Tankers.
Managers at Manta, a company controlled by the descendants of group founder Mecit Cetinkaya, didn’t respond to a request for comment.
This is the first oil tanker the company has been linked with.
Manta’s website currently features a fleet of 14 managed bulkers — from handy to kamsarmax size.
The company is also known to have some exposure to gas carriers. Manta managers have said in the past that their company owned three LPG ships. Manta was linked to the purchase of the 38,500-cbm Eco Nebula (built 2007) last month.
Manta would be just one of several Turkish companies jumping on the new trading opportunities created in the tanker market in recent months in the aftermath of the Ukraine war.
According to TradeWinds data, Turkey-based shipowners bought 20 tankers since February, twice as many as over the entire last year.
Twelve of the vessels they purchased over the past six months were MR tankers — the ship class that saw the starkest improvement in earnings.
The buys have been vindicated so far.
Between its purchase and delivery, the Manta Denizcilik has increased in value by nearly $2m, according to VesselsValue.
Greek companies have also been on the prowl. Astra Shipmanagement, a company that started buying MRs in 2018, emerged recently as the new owner of the 36,700-dwt Claxton Bay (renamed Portaria, built 2010).
That vessel was reported sold in mid-May for about $15.5m. It’s estimated to be worth about $20m now.
Celsius pivot
The sale of the Celsius Richmond was a neat asset play for Celsius Shipping.
The private equity-backed company acquired the ship for about $16.8m in September 2018, when it was trading as Unique Fidelity.
The Celsius Richmond deal comes on the heels of the sale of another MR2 and two chemical tankers, which are estimated to have raised Celsius between $50m and $60m since late last year.
The ships sold are the 53,500-dwt Celsius Palermo (renamed Palermo, built 2010), the 20,900-dwt Celsius Messina (renamed Teesta, built 2007) and the 20,000-dwt Celsius Manila (renamed Raon Teresa, built 2002).
Celsius, a Denmark-based owner of a mixed fleet of more than 45 vessels, has been probably using some of that cash to help fund its bet in the LNG and container ship markets, where it has booked several newbuildings since last year.
