Why Greek shipowners invest in VLCC tankers

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By George George

Greek shipowners continue the expansion moves in the large tankers, seeking to be placed in the market in the best possible way, in view of the expected recovery of fares in 2022.

In one of the latest deals, freight brokers report that Aeolos Management, interests of the Empirikou family, bought the VLCC “New Coral” (capacity 297,600 dwt and built in 2010 in China).

Two different shipping brokers estimate the purchase cost at $ 38.5 million. According to data analyst VesselsValue, the value of “New Coral” on the day of sale was $ 35.7 million.

The company appears to be in the process of renewing its fleet, as about a quarter ago it was linked to the sale of its oldest VLCC, the “Kos” (capacity 305,870 dwt and built in 2001), for about $ 26 million.

The Equasis platform locates a total of eight tankers in the Aeolos Management fleet. Both the latter and Andros Maritime have been connected with the Empirikos family, namely with Philip Empirikos, who passed away a few days ago.

Shopping “barrage”

Aeolos Management’s investment is added to a series of second-hand purchases and orders of new VLCCs made by Greek companies since the beginning of the year.

“Greeks are watching the market for opportunities to renew their fleets, in order to align with the requirements of major oil companies,” an industry analyst told Capital.gr.

Big “players” such as Maran Tankers of Maria Angelikoussi, Latsco Shipping of the Latsis group, Capital Maritime of Vangelis Marinakis, Samos Steamship of the Iglesi family, Central Mare of Evangelos Pistiolis and Athenian Sea Carriers of the previous family decided months to invest in new super-tankers.

An important factor, which explains the increased activity of the “Greeks” in tankers, is the fact that they control 30.25% of the global fleet of the industry, according to data from the Hellenic Shipowners’ Association. The Greek tanker fleet is valued at $ 41.5 billion and is by far the most expensive in the world, as reported by VesselsValue.

In fact, the conditions seem to favor other moves in the near future. “Prices in the used car market are moving slightly downwards, so logically we will see more deals now. Of course, everything depends on the Omicron mutation and the shipowners’ estimates for the course of the market,” the freight broker notes in Capital.gr.

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Source From: Capital

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