Evangelos Marinakis’ Capital Group has fought off keen competition from a number of his Greek counterparts to buy out a 13-year-old aframax belonging to Kenneth Koo’s TCC Group.
The 106,029 dwt South Korean-built CSK Shelton eventually sold for a price in excess of $13m. MSI values it at $14.7m.
Clarkson Research noted in its most recent weekly report that the ship attracted the interest of more than six predominantly Greek buyers, a higher number than has usually been associated with crude tankers of this vintage lately, which Clarkson maintained was the result of an uptick in rates and the lure of acquiring tonnage at close to historically low levels.
The CSK Shelton was the oldest tanker on TCC’s books. It still has four other aframaxes and a VLCC while in dry bulk the Hong Kong company has nine ships.