Greek major Pantheon Tankers offloads oldest VLCC amid red-hot S&P market

The Greek owner has offloaded 2009-built, 318,441-dwt Caesar. European shipbrokers this week reported the vessel changing hands for US$70M, although the buyer has not been disclosed.

Scrubber-fitted Caesar, built in South Korea, appears to have secured a notable premium compared with similar recent transactions. According to multiple broking reports, a 2008-built Korean VLCC was sold this week for US$59M, while another 2009-built Chinese unit reportedly fetched US$60M in early February.

The VLCC sale and purchase market has been exceptionally active in recent months, with Sinokor aggressively acquiring tonnage. The South Korean owner has snapped up nearly every available unit over the past three months. As deliveries of these vessels commence, shipbrokers estimate Sinokor’s fleet could account for roughly 16% of the mainstream VLCC trading fleet.

Greek shipowners have been among the most active sellers of VLCC tonnage, with Maran Tankers, Navios Maritime Partners, Dynacom Tankers, Capital Group and Evalend Shipping among those offloading vessels.

In January alone, Allied Shipbroking estimated that 43 VLCCs, with an average age of 13 years, changed hands, with invested capital approaching US$3Bn.

Data from Allied further indicates that VLCC asset values have surged by as much as 21% across all age brackets over the past month, with the strongest gains recorded among 10- and 15-year-old units.

Fleet renewal underway

For Pantheon Tankers, the sale of Caesar forms part of a broader fleet renewal strategy.

Riviera reported last week that the owner has ordered two LNG dual-fuel Suezmax tankers at a COSCO-affiliated yard, with deliveries scheduled for 2028. In addition, Pantheon has contracted Hengli Heavy Industries for new VLCCs.

The Greek major currently manages an active fleet of 42 tankers, with a further six vessels under construction, according to information on its website.

Caesar was the oldest vessel in the company’s fleet. The owner also operates three 2009-built Suezmax tankers, while its next-oldest VLCC is 2011-built Sea Leopard.