Teekay Tankers sells MR as asset values plummet

Teekay Tankers has sold its Korean-built MR chemical/product tanker Teesta Spirit (46,900 dwt, built 2004) to unknown Greek interests for $14m, brokers say.

The sale price would seem to confirm latest Baltic Exchange data, which shows that asset values for MRs have fallen off a cliff over the past six months (see graph).

Two other 12-year-old MRs built in Korea were sold in May this year and achieved higher prices than Teesta Spirit.

BP received $14.5m apiece when it sold British Loyalty and British Fidelity (both 46,800 dwt, built 2004) to Sinokor Merchant Marine.

A Japan-built MR of the same age achieved $1m more, when Thenamaris sold Signal Maya (46,800 dwt, built 2005) to Greece’s Benetech for $15.5m the same month.

The value of a five-year-old, 51,000-dwt tanker is worth $24.14m today, some $4.12m less than on February 8, six months ago, according to latest Baltic Exchange sale & purchase (S&P) assessments.

The Baltic’s assessment is based on tankers with coated cargo tanks and IMO II/III notation, built at a “first-class competitive yard”.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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