AD Ports Group’s Safeen Feeders has moved into the VLCC segment, picking up two elderly tankers from Elizabeth Ocean Ventures, which has pocketed a tidy profit on the double flip.
Brokers tell Splash that the shy Marshall Islands-registered entity, Elizabeth Ocean Ventures, a Dubai-linked investment vehicle, has first sold a 21-year-old VLCC to Safeen Feeders. The 314,000 dwt Samsung Heavy Industries-built VS87, now renamed ST1, a rusty tanker acquired by Elizabeth Ocean Ventures as C Vision from Korea’s SK Shipping for around $33m at the beginning of 2024. No price has been attached to the latest sale. For comparison, the slightly smaller 304,000 dwt City of Tokyo (built 2004) changed hands in July for $41.5 m.
Safeen has also taken a second ship from Elizabeth Ocean Ventures, the last vessel under its name, the SHT2 (ex-VS88), another 2004-built ship, which is a 73,000 dwt product tanker. Also, this ship was added by the Dubai entity in 2024.