Italian shipowner acquires Greek-owned MR tanker amid robust S&P market

Earlier this year, shipbrokers reported Evangelos Pistiolis-led Central Mare had sold Eco Fleet – a 2015-built, 39,208-dwt MR1 tanker – for approximately US$30M to undisclosed buyers. According to Equasis, the vessel has since been renamed Valdarno, now sails under the Italian flag, and is owned and managed by Navigazione Montanari.

The purchase appears to be part of a broader fleet renewal strategy by the Italian company. Earlier in the year, Navigazione Montanari sold Valle Di Cordoba, a 2005-built, 35,000-dwt MR tanker. That vessel now trades as Elora 1 under Indian ownership.

Navigazione Montanari currently operates a fleet of 16 tankers, according to its website, while Central Mare is listed with 14 tankers. In a related development, the US-listed arm of Central Mare’s parent group, Top Ships, has announced plans for a spin-off, transferring ownership of two Suezmax tankers into a new listed entity.

MR tankers drive hot S&P market

The sale is one of many taking place in the booming secondhand tanker market in recent months. In its latest weekly report, Allied Shipbroking noted that sale and purchase (S&P) activity remains firm, particularly in the MR tanker segment.

As of mid-June, Greek broker Allied has recorded 62 vessels changing hands in 2025, with an average vessel age of 15 years. The MR tanker class remains the most active in the secondhand market, followed by Aframax/LR2 vessels, with 32 recorded transactions.

Greek buyers have also been engaged in fresh acquisitions. In the past two weeks alone, three separate Greek shipping firms have been linked to MR tanker purchases. One notable transaction involves Petros Panagiotidis-led Toro Corp, which confirmed the acquisition of a 2021-built ship for approximately US$36Μ. Shipbrokers have identified the vessel as 49,600-dwt Celsius Portsmouth, now en route to join the US-listed owner’s fleet.

“While softer pricing had defined much of the trend until now, recent escalations may boost seller confidence, making them less inclined to offload quickly and firmer in their price expectations,” Allied Shipbroking commented. “With geopolitical risk increasingly playing into forward outlooks, it’s possible we’ve seen a floor in values – for now, at least.”