Maran Tankers tied to sale of oldest VLCC at firm price levels

Greek shipbroking houses report the tanker arm of the Angelicoussis Group has sold 2007-built, 320,475-dwt Maran Canopus for approximately US$50M. Maran Tankers declined to comment on commercial matters in response to a query from Riviera.

According to shipbroking sources, the reported price is considered strong, though not surprising. The vessel was built at a South Korean shipyard (Hanwha), is fitted with a scrubber, and requires no special survey until September 2027.

By comparison, a Greek-owned VLCC – also built in 2007 in Korea – reportedly fetched around US$46M in mid-April. That vessel lacks a scrubber and faces drydocking requirements this summer.

Another comparable deal involved a 2007-built Korean VLCC – also scrubber-free and due for drydocking in September – which was sold last week for close to US$47M.

Xclusiv Shipbrokers currently values a 15-year-old VLCC at around US$56M, a figure down 3% from valuations in May 2024.

Notably, VLCC sale-and-purchase activity has picked up significantly. According to Allied Shipbroking, six VLCCs changed hands last week alone, bringing the year-to-date total to 14. This momentum is partly attributed to OPEC+’s recent decision to gradually unwind production cuts.

Fleet renewal strategy

Maran Canopus is the oldest vessel in Maran Tankers’ fleet, with the next oldest being 2008-built Maran Capricorn. The Angelicoussis Group has a longstanding reputation for strategic fleet renewal, combining timely secondhand sales with significant investment in newbuildings.

In December 2024, the company sold 2006-built VLCC Maran Aries for around US$45M. Market sources note Maran typically conducts asset sales off-market and through highly targeted negotiations.

According to its website, Maran Tankers currently operates 53 vessels, and has 11 Suezmax and DP2 shuttle tankers on order. The group has also made a notable move into the shuttle tanker sector, launching Maran Shuttle Tankers following its acquisition of Altera Shuttle Tankers from Altera Infrastructure.