George Prokopiou’s golden deal highlights the dynamics of the secondhand Suezmax market, with tanker prices skyrocketing and multi-million dollar deals dominating the shipping scene.
The increase in freight rates, and consequently in earnings for crude oil tankers in recent weeks has triggered new momentum in the Suezmax tanker sale and purchase market, with transactions, even for older vessels, being on a vertical ascent.
Prices for older tankers remain unpredictable but stable, often dependent on the inspection schedule, specifications, and overall condition.
The latest deal involves the Turkish company Denizcilik which sold the 20-year-old tanker Ottoman Nobility (150,000 dwt, built 2005, Hyundai Heavy) for about 27 million dollars!
Greek magnate George Prokopiou has also capitalized on the strengthened market. His company Dynacom sold the 2008-built Samurai (169,000 dwt, equipped with scrubbers, Universal Shipbuilding) for about 39 million dollars to unknown interests.
The vessel, now renamed Gregal, has changed to Sierra Leone flag and has been registered to a Liberia-based company. Market sources indicate that Indian interests are the likely buyer.
Indian players have emerged as the most active in the Suezmax space lately. The state-owned Shipping Corporation of India is proceeding with the purchase of two modern secondhand vessels, while Great Eastern has been involved in both buying and selling.
A few weeks ago, Mumbai’s Seven Islands Shipping doubled its Suezmax fleet with the purchase of the Constantios (built 2009), for 40 million dollars.
What is certain is that Greek shipowners are also starring in this sector, as it appears the deals they are making are among the top in the market.
