Marinakis outmuscles rival Greeks for TCC aframax

Marinakis outmuscles rival Greeks for TCC aframax

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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