NGM Energy, controlled by the Mondra family, has recently returned to the tanker trading market and has achieved a significant profit of $57.1 million by selling a 16-year-old Suezmax tanker. This shift in the tanker market clearly indicates new movements in the sector, especially considering the rising prices and demand in this area.
Tanker Deal Details
Last November, NGM Energy returned to the booming second-hand tanker market and purchased the 156,527 deadweight ton Advantage Summer (built in 2010) for $40.4 million. Now, this tanker, built by Jiangsu Rongsheng, has been sold for $97.5 million. The delivery of this tanker to the new owners is scheduled for January 2027, representing a 141% increase in its value compared to its purchase price.
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Tanker Market Developments
In recent weeks, several other tankers built in 2010 have also been sold, with their prices generally below $100 million. However, rumors of sales this week suggest that the $100 million price point has recently been broken, with another Suezmax tanker sold for $103 million. These developments indicate increasing competition in the tanker market and rising demand for this type of vessel.
Given these developments, NGM Energy is now recognized as one of the key players in the tanker market, and its activities could have significant impacts on prices and market trends in the future. The substantial profit this company has made from the sale of its tanker demonstrates its effective strategy in buying and selling assets in this market.
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