MT Maritime Management has been linked to the sale of an MR chemical and product tanker that would see the company pocket a sizeable capital gain on a ship with more than 20 years under its belt.
Greek shipbrokers said Connecticut-headquartered MTM, an owner and operator of bulkers and tankers, has sold the 51,300-dwt MTM Colorado (built 2004) for $15.2m. The buyer is not known but is reported to be a Chinese company.
Reported amid a flurry of MR tanker deals, the price reflects values that remain buoyed for vessels even of this vintage since mounting a rebound a year ago.
A company executive declined to comment on deals before they are complete.
The reported price tag is in line with a $15.4m valuation estimate by Maritime Strategies International, although it is below VesselsValue’s prediction of a $17.3m price for a ship of these characteristics.
Data from Q88 shows that the vessel is due for a special survey in May, meaning a sale now could lead to significant cost savings.
But if the reported deal is finalised, it would demonstrate savvy sale-and-purchase market timing by MTM.
The vessel was constructed at STX Offshore, a top-tier shipbuilder in South Korea.
Data from VesselsValue shows that MTM purchased the MTM Colorado, then named the Energy Pride, from the UK’s Union Maritime for $10.8m in 2019. Clarksons’ Shipping Intelligence Network lists this as an en-bloc sale.
The ship’s estimated value fell to as low as an average of $8.7m in 2022 before a surge that started that same year in the wake of Russia’s invasion of Ukraine, data from VesselsValue shows.
But market conditions do not favour further appreciation, according to forecasts from MSI’s Horizon platform, which predicts an average valuation of $13.6m this year and $9.8m in 2025.
The MTM Colorado is one of just four vessels built in 2004 or earlier in MTM’s fleet of 45 owned ships.
This article has been amended since publication to reflect that MTM has 45 owned ships.
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