Rising crude tanker earnings in recent weeks have triggered renewed momentum in the suezmax sale and purchase market, with transactions brisk—even among older tonnage—despite heightened scrutiny on the so-called dark fleet.
Values for vintage ships remain unpredictable yet firm, often depending on survey timing, specifications, and overall condition. The latest deal sees Turkish owner Denizcilik parting with the 20-year-old Ottoman Nobility (150,000 dwt, built 2005, Hyundai Heavy) for around $27m, a level broadly in line with the last transaction.
Greek magnate George Procopiou has also capitalised on the firming market. His Dynacom outfit sold the 2008-built Samurai (169,000 dwt, scrubber-fitted, Universal Shipbuilding) for approximately $39m to undisclosed interests. Now renamed Gregal, the ship has shifted to a Sierra Leone flag and been registered under a Liberia-based single-ship company. Market sources indicate that Indian interests are the likely buyer.
Indian players have emerged as the most active in the suezmax space of late. The state-run Shipping Corporation of India is circulating a tender for two modern secondhand vessels, while Great Eastern has been involved on both the buying and selling sides. A few weeks ago, Splash reported Mumbai’s Seven Islands Shipping doubled its suezmax fleet with the $40m purchase of the 2009-built Constantios.