Modec acquires Aeolos VLCC for FPSO conversion

Japan’s Modec has acquired a 2001-built VLCC from Greek owner Epaminondas Embiricos-controlled Aeolos Management for FPSO conversion.

Multiple shipbroking houses including Allied Shipbroking, Anchor Shipbroking and Seasure Shipbroking reported that the 306,000 dwt DSME-built vessel Astipalaia was sold to Modec, and according to VesselsValue, the price of the deal is $26.5m, slightly higher than its valuation of $25.29m.

In January, Modec secured one FPSO project from Equinor in Brazil and another FPSO contract from Woodside Energy offshore Senegal.

Modec currently operates a fleet of 18 FPSO tankers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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