Tsakos’s latest product buy illustrates declining asset prices in the sector

Tsakos’s latest product buy illustrates declining asset prices in the sector

Tsakos Group’s acquisition of the Mare Action product tanker illustrates well the declining asset value in the sector. The Greek owner is thought to have paid Hafnia Tankers just $10.5m for the 12-year-old, 37,468 dwt tanker.

Noted Clarkson Research in its latest weekly report: “This price can be placed in context with a number of sales in this sector over the past twelve months, most notably the [similarly sized, but two-year older Cielo Di Roma], which was sold to Akar Shipping in the early months of 2016 for $14.25m.

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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