Turkish owner Yasa Holding has fetched a stronger-than-expected price for an 11-year-old LR2 tanker, indicating that rising tanker rates are now translating into higher ship values.
The 116,000-dwt product tanker Yasa Golden Horn (built 2007) has gone to a Vietnamese buyer for $20m, European shipbrokers report.
Yasa did not respond to requests for comments.
VesselsValue says the Samsung Heavy Industries-built Yasa Golden Horn is worth just $17.7m, while Maritime Strategies International puts the value at $16.9m to $19.9m.
Earlier this month, a sistership, Hansa Treuhand’s HS Tosca (built 2004), was reported sold for just $13.5m.
Sources said Yasa is known for maintaining its ships well, which may factor into the strong price. Brokers note that SHI has a strong reputation and that the large size of the Yasa Golden Horn is attractive for an LR2 tanker.
Yasa purchased the ship from compatriot Geden Lines for an undisclosed price, likely somewhat less than $70m, in April 2005. In October 2015, it was fixed on a 30-month time charter to Clearlake at $26,500 per day, and Yasa clearly also operated the tanker profitably until the market crashed in 2008.
Yasa owns a sistership — the Yasa Golden Bosphorus (built 2007) — and two other aframaxes. The Yasa Golden Bosphorus and Yasa Golden Horn have been on time charter to Vitol at just $13,500 per day for the past six months.
Yasa also has two MR tankers on the water and four MR tankers on order at Hyundai Mipo Dockyard that are set for delivery next year. It also has 20 bulkers on the water and four ultramaxes on order at Cosco Dalian Shipyard.
In May, Yasa put a kamsarmax, two panamaxes and two supramaxes from its trading fleet up for sale, but they all remain unsold.
The tanker market is also watching the sales process closely for Teekay LNG Partners’ 159,000-dwt tanker Toledo Spirit (built 2005), which has been on charter to Cepsa of Spain since new.
Offers were due in the middle of this week and brokers suggested the DSME-built suezmax could go for more than $20m.
Teekay LNG Partners sold the sistership Teide Spirit (built 2017) to Eurotankers of Greece for $18.8m in November last year.
Teekay LNG Partners is now exiting the suezmax tanker market.
