Chinese buyers are actively purchasing large tankers (Cape size), and in this regard, Klip Marine from Estonia has sold the Ekaterini V (with a capacity of 173,555 tons), built in 2012 at Bohai Shipbuilding, to Chinese buyers for $35 million. This ship is expected to require repairs and servicing in January next year based on current plans.
Price Differences and Their Reasons
This ship was sold for more than $5 million less than another sale of a similar Chinese ship named Golden Myrtalia (with a capacity of 177,979 tons and built in 2011 by Shanghai Waigaoqiao Shipbuilding), which is said to have been priced at over $40 million. Market brokers believe that this price difference may be due to the slightly smaller size of the Ekaterini V and the difference in market reputation between the two shipbuilding yards.
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These two sales are the first reported cases of large tanker sales since September, when HNA Technology, a Shanghai-listed company, agreed to sell the Bulk Joyance (with a capacity of 175,900 tons and built in 2012 at Jinhai Heavy Industry) for $31.1 million, with relatively quick delivery.
Exit of Other Players from the Market
This month, another transaction quietly occurred under the news radar. Sunrising International, a company known for trading older tankers, exited the Cape size segment by selling the Highland (with a capacity of 174,092 tons and 20 years old) for $25 million. This ship had been purchased earlier in 2024 for about $15 million.
The increased interest in purchases comes as the market appears generally stronger. Clarksons recently reported that their iron ore index has increased by about 6% compared to last year. These market changes indicate a high demand for large tankers as well as shifts in pricing trends and transactions in this sector.
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