Finaval sells MR2 tanker to Falcon Navigation

Rome-based owner Finaval is selling one of the last few tankers in its fleet, according to broking sources which report the 2008-built Isola Bianca as sold to Falcon Navigation of Greece for $16m.

If confirmed, the price would be in line with the vessel’s market value of $15.5m according to MSI.

Falcon Navigation is an Athens-based firm focused primarily on oil tankers, and currently has two MR2 tankers in fleet.

Finaval declined to comment on the transaction, but this last deal comes after a series of ship sales in the last twelve months including tankers Isola Blu, Isola Corallo and Neverland Angel to Vitol (which has a 25% share in Finaval).

Earlier in the year, the company’s NPLs were sold by banks to investment funds Dea Capital and Pillarstone Italy and the two remaining ships in the fleet (aframax tankers Neverland and Neverland Dream) are likely to be controlled by the two financial players.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.
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