MRs Dominate Tanker S&P

Credits: Venti Views/Unsplash

MR secondhand sales have dominated the Tanker sale and purchase sector so far this year, accounting for 35% of Tanker sales, reports VV Blog.

Unlike the crude markets that saw record highs in the run up to the 5th of December sanctions on Russian oil, before the February sanctions on Russian petroleum products came in to force on 5th February, MR Atlantic Basket earnings had fallen by c.61% MoM to 10,380 USD/Day on the 1st of February which have now bounced back up by c. 425% to 54,539 USD/Day.

Secondhand demand remains constant

However, secondhand demand for this sector has remained constant, with those speculative buyers now able to take advantage of the upturn in spot earnings that has materialised since last week. As yet, sale prices have not yet increased and therefore it remains to be seen if values will strengthen in the coming weeks. The trend towards older vessels continues, and the average age of vessels sold this year is 17 years.

Notable sales include the MR2 Super Emerald (50,300 DWT, Sep 2006, SLS) sold to unknown Turkish buyers for USD 17.50 mil (BWTS), VV Value USD 17.20 mil and also the MR2 Pink Coral (49,500 DWT, Apr 2003, STX Offshore) sold to Unknown UAE for USD 13.00 mil (SS/DD Due), VV Value USD 15.26 mil.

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Source: VV Blog


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