Greece's Altomare has sold its three oldest VLCCs as it continues to add younger replacements to its fleet.
According to Greek brokers and other shipping market sources, Altomare's 281,000-dwt Marbella (built 2000) and 314,000-dwt Kelly (built 2000) and Rene (built 2002) have been sold for $95m enbloc.
TradeWinds also understands Piraeus-based Altomare is in the process of buying the 309,200-dwt Olympic Leader (built 2005) from Onassis company Olympic Shipping and Management for a price exceeding $39m.
Last week, Altomare bought Euronav's 319,300-dwt TI Hellas (built 2005) for $38.5m. The Olympic Leader and the TI Hellas were built in South Korea.
Managers at Altomare did not respond to requests for comment on its latest deals. Tanker industry sources suggested that Middle Eastern interests have acquired the older trio and plan to use them for storage.
The $95m attained for the ships reflects the remarkable increase in the value of older VLCCs since the onset of the contango situation since the collapse of oil prices earlier this year.
According to VesselsValue, the trio were worth the equivalent of their scrap value for much of 2019. But as demand increased for any large vessel capable of storing oil, the gap between the scrap and trading value has widened. Today, the ships are worth only a combined $39m for demolition.
In a similar deal highlighting the remarkable increase in the value of older VLCCs, Indonesia’s Mahameru Kencana Abadi has reportedly sold its idle 300,000-dwt Dewi Maeswara (built 1998) to undisclosed Greek interests for $25.5m.
The veteran IHI-built tanker, which is due for its special survey, was reported sold for $19m back in February, although the deal subsequently failed to conclude.
Tanker exit
Mahameru Kencana Abadi, a tug and barge operator, acquired the ship in 2010 against a long-term charter to Indonesian oil major Pertamina. It will have no tankers once the Dewi Maeswara is handed over to its new owner.
Last Friday, shipbroker Clarksons hinted of a busy selling environment, with more sales to follow this week, with a number of deals committed but not outright concluded.
“In a boom market such as the one currently being witnessed, VLCCs tend to take the limelight and quite rightly so given their earnings, but across the board the respective tonnage classes are also having a bumper spring,” Clarksons said.
One possible new deal would be for the 298,700-dwt Lucky Trader (built 2000), which Greece's Eastern Mediterranean Maritime has reportedly circulated for sale.
Mystery continues to surround reports of Turkey's Advantage Tankers swooping on a trio of large tankers owned by China VLCC for $140m in total. Brokers have been reporting on and off since late March about a deal for the 297,600-dwt New Coral (built 201), the 297,300-dwt New Creation and New Talisman (both built 2009).
However, no such transaction has been confirmed.
Some sources said China VLCC has been looking for a charterer for the ships.
Advantage Tankers did not respond to requests for comment.
