Shipping giant Zodiac Maritime is about to take advantage of the red-hot tanker market to offload an 18-year-old ship at a higher price than it bought it for a decade ago.
Some brokers report that a deal for the 150,600-dwt Crescent Moon (built 2004) has already been concluded for $33.5m.
Zodiac declined to comment, in line with standard policy to not discuss commercial transactions.
TradeWinds understands that if a deal has not been already sealed for the vessel, it is most probably about to.
According to market sources, Zodiac principals are lining up the vessel’s sale as part of the company’s organic fleet renewal.
Zodiac’s total fleet is estimated to be close to 200 ships in total. That includes about 60 tankers, of which the Crescent Moon is arguably the oldest.
As is the case with several other tanker players, the temptation to sell vintage tonnage must be hard to resist for Zodiac amid record ship values in the wake of the Ukraine war and the upheaval this conflict brought to tanker markets.
On top of the soaring prices Zodiac can expect to earn an additional premium, considering that the Crescent Moon was built in Japan and is equipped with a scrubber.
A deal at the levels reported about $33.5m would be a higher price, in nominal terms, than what the company paid to acquire the ship in 2013.
Zodiac’s fleet renewal moves extend to bulkers as well.
Citing broker reports, TradeWinds reported on Tuesday that the company’s oldest bulker, the 173,000-dwt Cape Osprey (built 1999), has been sold for green recycling at Alang at a price of $530 per ldt, or $10.9m.
