Chennai-based Sanmar Group has taken its first step into the VLCC segment, acquiring the 321,000 dwt Maran Canopus from Greece’s Angelicoussis Shipping Group in a deal valued by brokers as between $48m and $50m. The 2007-built Daewoo Shipbuilding tanker has been renamed Sanmar Herald.
This milestone reflects Sanmar’s steady fleet expansion strategy. A few years ago, the privately owned tanker operator committed to growing its fleet to 20 ships. Since then, the fleet has expanded from 10 to 16 vessels, including LR and MR tankers and two liquefied ethylene gas (LEG) carriers. The company also established a Singapore base to boost its foreign-flag operations and global reach.
The Sanmar Herald purchase stands out against a comparable transaction this week: Korea Asset Management Corp sold the 307,000 dwt Atlantic Loyalty, a 2007-built Chinese VLCC, for approximately $44m. Analysts attribute the $4m premium for Sanmar Herald to its Korean build quality and the absence of an immediate dry dock, unlike its Chinese-built counterpart which is due for docking in October.