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In late September the VLCC Atherina, a supertanker built in 2011, changed hands for $146 million. No valuer we checked puts a newbuilding that high: the top figure is $139.6 million, at VesselsValue, and Scorpio Tankers has just agreed $135 million apiece for two new VLCCs due in 2028. In January, a VLCC of the same vintage sold to Sinokor for $68 million. We found no statement from anyone involved on who is paying. VesselsValue now lists as the buyer MSC, the largest container shipping company in the world. Advanced Shipping & Trading and Splash247 name Sinokor, the Korean group in whose tanker arm MSC agreed in February to take a half share. Allied Shipbroking, Star Asia and Banchero Costa say the buyers are based in the United States. Atherina began life as the F Whale, an ore-oil carrier built for the Taiwanese shipowner Nobu Su, and went through a court auction in 2018 at a reported $45 million. On October 8 it was still sailing as Atherina off Namibia, bound for India. This brief sets out what was sold, the three answers to who bought it, the partnership behind two of them, the previous VLCC VesselsValue assigned to MSC, the vessel’s past, why buyers pay newbuilding money for 15-year-old tonnage, the payback arithmetic and what the record supports.
📋 In This Issue:
⚖️ The Story:
What was sold and for how much, three answers to who bought it, the partnership behind two of them, the previous VLCC VesselsValue assigned to MSC, the ore-oil carrier from Nobu Su’s fleet, why buyers pay newbuilding money for old tonnage, the payback arithmetic and what the record supports
📊 By The Numbers:
The $146 million, the newbuilding range, the $68 million January sale, the 50 percent stake, the $277,995 a day and the January 2031 survey
🌍 Why It Matters:
What it changes for the tanker owner and broker, the ship financier and investor, the charterer and trader and the underwriter
👀 What To Watch:
The name on the stern, Korea’s competition ruling, the next valuation reports, VLCC earnings and the falsifier that would change this brief’s reading
🚨 Gosships Signal:
A $45 million auction lot and a $146 million question
