Grace Energy, based in Dubai, benefited from a significant increase in tanker asset value by selling the Vendavel tanker for $94.5 million. This tanker, built in 2011, has been introduced as one of the standout examples in the tanker market.
Details of the transaction and the history of the Vendavel tanker
The Vendavel tanker, with a capacity of 149,999 tons, was built by New Times Shipbuilding and is owned by Vendavel Shipping. This ship was initially registered as Demetrios under the control of Dynacom Tankers and was later renamed Grace Noel, eventually changing to Vendavel. Ship documentation shows that Vendavel was purchased for $50 million in May 2021. Given the recent sale price, this transaction represents an 89 percent increase in the value of this tanker.
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Tanker market analysis and its impacts
The tanker market is currently facing high demand, and recent assessments indicate that the value of five-year-old second-hand tankers has risen to $130 million, reflecting a 19 percent growth in the past three months. Grace Energy is continuously expanding its presence in the Suezmax sector. The company also purchased the Front Thor tanker for approximately $48 million last year and was involved in the purchase of the Pentathlon tanker for $40.5 million in March 2023.
Given the upward trend in tanker prices and Grace Energy's recent transactions, it appears that the company has effectively capitalized on available opportunities and has managed to achieve significant profits in this volatile market.
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