The search for elderly targets to move cargoes in the much-altered tanker trading world has seen prices leap most of the year, although signs now show that prices might be flattening out.
One size that stands out as it continues to become more successful as time passes are VLCCs, where prices are increasing by millions each week.
One new player who has made a bargain in the segment is Hong Kong-based oil and gas trading company Gigantic Ozone Energy, which has emerged as the taker of 2005-built 320,000 dwt VLCC Pratika, formerly called Maran Andromedas. The Daewoo-built tanker was noted sold for $37m in August. The price is a bargain compared to today’s prices.
Brokers in Asia assume that Gigantic Ozone Energy has become involved in the movement of sanctioned oil to China.
To compare the price for this VLCC, sales chatter surrounds a sister ship sold by the same owner Greek owner, Maran Tankers. The Maran Aquarius is understood to have just been sold for just under $53m.
Another semi-modern VLCC reported sold in October is the one-year older, The City of Tokyo, a ship belonging to Ashley Marine. This slightly smaller 300,000 dwt, Universal-built vessel is reported sold for $49 m. A year ago ships like this were selling for just over residual value.