Greece’s Metrostar is said to be nearing LR2 sale to Teekay

According to MB Shipbrokers’ latest weekly report, 2019-built, 115,000-dwt Prostar is changing hands for approximately US$63.0M, with Teekay Tankers named as the purchaser. Both companies have been contacted for comment.

If confirmed, this reported deal would make sense for both shipowners. Prostar is the oldest vessel in Metrostar Management’s fleet despite being relatively young. The Greek shipping company currently owns six tankers built between 2019 and 2024 and is expanding its fleet with three newbuildings. China’s Yangzijiang Shipbuilding is set to deliver two LR1 tankers this year, while South Korea’s Hyundai is constructing an LR2 scheduled for delivery in 2026.

On the other hand, Teekay Tankers president and chief executive Kenneth Hvid disclosed during the company’s recent Q4 earnings call that an MOA had been signed to acquire a modern LR2 tanker, with the transaction expected to close in Q2 this year.

Teekay is also actively reshaping its fleet. The company recently announced the sale of two 2009-built Suezmaxes and one 2006-built LR2 for a combined US$96.0M, reflecting its opportunistic fleet management approach. Currently, Teekay Tankers operates 39 double-hulled oil and product tankers and has five chartered-in vessels.

Firm pricing

Shipbroking sources noted the reported US$63.0M price tag aligns with current secondhand vessel valuations and is even slightly above expectations. “That said, such vessels don’t come up for sale very often,” one source commented.

According to Allied Shipbroking, a five-year-old Aframax is currently valued at US$62.5M, marking a 13% decline compared with 12 months ago.

For Metrostar, the sale, if confirmed, would be highly profitable. Shipbrokers estimate the Greek owner originally paid around US$43.0M when it ordered Prostar as part of a larger newbuilding deal with South Korea’s DH Shipbuilding. Metrostar is well known for its strategic asset plays in the tanker market.

Modern Greek-owned tankers remain highly sought after when they become available for sale. Enesel’s recent reported transaction serves as a prime example. Additionally, in October, Capital Group sold 2020-built, 115,000-dwt Aitolos to undisclosed buyers at an attractive price.