Martinos-led Eastmed expands VLCC fleet amid strong market

According to shipping data platforms, the Greek owner has emerged as the new owner of 2011-built, 300,000-dwt Saiq, which has recently been renamed Grand Lady.

Shipbrokers reported in late 2025 that the vessel had been sold to undisclosed interests for around US$57M, with a time-charter contract attached. Brokers also noted that the vessel attracted strong interest when it was offered for sale.

Eastmed has been approached for comment. 

In addition to ownership data linking the vessel to the company, the new name may also point to its involvement. The Greek owner previously sold a VLCC bearing the same name in 2020, which remains in service.

While Eastmed oversees one of the largest fleets in Greece, its presence in the VLCC segment remains relatively limited, with two vessels built between 2016 and 2017, according to information on its website.

Notably, all three VLCCs are Japanese-built.

Overall, the company operates a fleet of more than 80 vessels, including bulk carriers, tankers and container ships, and has been particularly active in ordering Ultramaxes and Kamsarmaxes at Chinese shipyards in recent years.

VLCCs continue to dominate secondhand market activity. Data from Xclusiv Shipbrokers shows that in Q1 2026, 52 vessels changed hands at an average price of US$81M, with modern units achieving notable premiums.

A similar trend is evident in the newbuilding market. According to Xclusiv, 64 VLCCs were contracted between January and March, with Greek owners accounting for 24 of these orders.