Navigare Capital cashes in on modern VLCC sale

The alternative investment fund manager confirmed to Riviera the sale of 2017-built, 297,638-dwt Navigare Terra Mater. The vessel, constructed by Hanjin Heavy Industries and Construction in the Philippines, has already been renamed Vesuvio.

The identity of the new owner remains unconfirmed. However, Equasis lists commodity giant Trafigura as both the new owner and manager. Trafigura, a major charterer and shipowner that had previously fixed the vessel according to shipbroking reports, has been contacted for comment.

This transaction comes amid heightened activity in the sale and purchase (S&P) market, with Riviera reporting at least eight VLCCs changing hands in June alone.

Asset play

While pricing details of the Navigare Terra Mater deal remain undisclosed, recent S&P activity and shipbroker valuations suggest a favourable return for Navigare. According to Xclusiv Shipbrokers, a 10-year-old VLCC is currently valued at around US$87M, reflecting a 3% increase compared to July 2024.

The most recent comparable sale was 2018-built Papalemos, reportedly sold by Enesel to DHT Holdings for approximately US$107M.

Notably, Navigare Capital Partners acquired Navigare Terra Mater in 2021 for just over US$70M, highlighting a strong capital gain on the investment.

Founded in 2017 by Robert Maersk Uggla and four experienced shipping executives, Navigare Capital Partners manages a diversified portfolio across key maritime sectors.

These include container ships, bulk carriers, tankers, gas carriers, offshore wind service vessels, and roro vessels, according to information published on the company’s website.