Ship details:
The acquisition is part of the Company’s strategy for the development and diversification of its fleet.
Market conditions remain particularly constructive for medium-sized tankers (Aframax). During 2026, Aframax rates moved to multi-year highs. This development is supported by the geopolitical reorientation of crude oil trade flows — particularly after sanctions on Russian crude and the redistribution of supplies from the Middle East, West Africa and the Baltic — which has increased demand in terms of ton-miles and fleet utilization rates.
According to data from Clarksons Research (Baltic Dirty Tanker Index — BDTI Aframax-TCE), the average daily time charter equivalent (TCE) earnings of Aframax vessels stood at an annual average level of USD 37,736 per day in 2025 (compared to USD 39,695 in 2024 and USD 45,500 in 2023), while in 2026 they recorded a sharp increase, with the year-to-date average amounting to USD 93,936 per day. Against an operating cost (OPEX) in the range of USD 8,000–8,300 per day, these levels create strong operating margins for shipowners. At the same time, the limited growth rate of the crude oil tanker fleet relative to product tankers and the relatively limited supply of modern capacity support secondhand values around current levels.
The Company also monitors the industry’s uncertainty factors as well as opportunities — including, among others, developments surrounding the prospective opening of the Strait of Hormuz in conjunction with export cargoes from Gulf countries, OPEC+ production decisions, the evolution of Russian flows and the so-called “shadow fleet”, the degree of normalization of transit through the Suez Canal, as well as the newbuilding delivery schedule which may exert pressure on rates over time. In this context, the acquisition of a quality tanker of established construction (Hyundai Heavy Industries) is deemed a prudent and timely move, consistent with the strategy of scaled growth, diversification of shipping revenue sources (between dry bulk vessels and tankers) and generation of sustainable cash flows.
It is noted that medium-sized tankers (Aframax) constitute the “workhorse” of regional crude oil transportation, with the ability to access ports and terminals with draft restrictions that are not served by larger vessels (VLCC). This flexibility provides the Aframax size with a wide employment range and resilience to fluctuations in individual routes.
It is noted that the independent platform VesselsValue estimates the current market value of the vessel at USD 49,330,000, significantly higher than the agreed acquisition price of USD 44,100,000.
The acquisition will be financed through a combination of equity, co-investment from Indigo Marine Inc and bank lending.
Specifically, in the recently established ship-owning company Y/AMETHYST INC, Y/KNOT INVEST, through its 100% subsidiary (and fleet holding company), Y/KNOT MARITIME INC., will contribute for the purposes of the vessel acquisition and initial working capital an amount of € 12,000,000 while Indigo Marine Inc will contribute an amount of € 8,000,000. Consequently, the participation percentage of Y/KNOT MARITIME INC. in Y/AMETHYST INC will amount to 60% and that of Indigo Marine Inc to 40%. It is recalled that during the recent share capital increase of € 22.8 million, the Company raised funds, part of which will be utilized for this investment.
of Y/KNOT INVEST, the use of the raised funds provided for an amount of up to €11,000,000 for investments in vessels of the deep-sea shipping industry and an amount of up to €2,888,000 for working capital. It is noted that Y/KNOT INVEST may also consider the participation of third-party investors in Y/AMETHYST INC.
Regarding bank lending, Y/KNOT INVEST has entered into an initial agreement (indicative term sheet) with Macquarie Bank Limited, London Branch for long-term financing in the amount of USD 23,500,000.
The delivery of the vessel is expected to take place in Singapore around mid-July, allowing for its immediate utilization. The Company will inform the investing public of the completion of the acquisition with a further announcement.
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