Greeks re-emerge as buyers in S&P tanker market, targeting MR vessels

One of last week’s most notable reported sales involved 2018-built, 49,999-dwt PS Milano, with multiple shipbroking sources linking the vessel to a Greek buyer. Market sources suggest Venergy Maritime, a new tanker player led by Vyron Vasileiadis, is behind the purchase. The vessel was initially linked to Empire Navigation, backed by Stamatis Molaris.

Shipbrokers indicate PS Milano changed hands for approximately US$37.5M. In its latest weekly report, Hartland Shipping Services noted eco tonnage remains popular, and few owners are willing to part with their ships unless presented with an attractive offer.

However, asset values have adjusted from their multi-year highs, creating attractive opportunities for buyers. According to Hartland, a 2019-built MR2 tanker was sold for US$48.0M in April 2024, reflecting a notable price correction compared with current levels.

Data from Xclusiv Shipbrokers reveals a five-year-old MR tanker is currently valued at US$41.0M, reflecting a 9% decline compared with February 2024.

More deals in the MR segment

Shipbroking firm Advanced Shipping & Trading has identified two additional MR tanker transactions involving Greek buyers. The reported deals include a 2011-built and a 2010-built tanker, both with capacities ranging from 36,500 to 37,500 dwt.

Paschalis Diamantidis-led Velos Shipping has been named as the buyer of 2010-built Easterly Sirius, with shipbrokers estimating the sale price at US$15.8–16.0M. Velos Shipping has disclosed the vessel will be renamed Velos Rubini, marking the ninth tanker in its fleet. The company also manages four bulk carriers.

Greek interest in tankers extends beyond the MR segment. Riviera recently reported on Centrofin’s acquisition of a modern LR2 vessel pair from Enesel.

According to Allied Shipbroking, Greek owners have acquired 43 tankers over the past 12 months, while offloading 78 vessels in the same period.