Moundreas flips aframax for $11m profit

Savvy asset player Nicholas George Moundreas and his NGM Energy continue to score.

Sources tell Splash that the Athens-based owner is selling the 11-year-old aframax, Baroness, for $33m. The 105,000 dwt Sumitomo-built ship was purchased for $22m 18 months ago.

NGM Energy’s last asset play was reported in March when it flipped a 2007-built VLCC, now renamed Lingyang.

Moundreas has been polishing his tanker arm’s average age with 11 tanker sales since the beginning of 2021 amid an insatiable Asian appetite for ageing tankers.

It’s not only in the tanker segment in which NGM is making headlines. Last month, fleet registers showed that the Moundreas family had dived into the dry bulk market with the purchase of a vintage capesize.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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