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Between them, broker reports and VesselsValue's sales register now name Onex DMCC, a Dubai-based oil trader, as the buyer of six tankers for about $690 million. Earlier this month this brief asked whether anyone had actually bought the $200 million tanker, partly because the valuer's entry for that sale named a seller and a price but no buyer. Xclusiv's weekly sale and purchase report has since put Onex's name against it, and Compass Maritime counts it among at least five VLCCs it says Onex DMCC has bought. The $200 million is less than a third of the spending. The rest went on five vessels built between 2007 and 2010: the VLCCs Norns, Nissos Heraclea and Ashoka and the Suezmaxes Evridiki and Orpheas. Across the six, Onex paid about $80 million more than VesselsValue's valuations at the time of each sale. The owners who sold Nissos Heraclea had bought it for $53 million in June 2024 and sold it for $112 million. The English High Court has described Onex's trade as "largely focussed on the sale of oil that originates in Iraq". The prices can be measured against two earnings figures. At the average VLCC spot earnings in Banchero Costa's table for September 18, a $112 million VLCC repays its price in about 155 days, before running costs. At the one-year charter rates Banchero Costa and Compass Maritime quoted between September 18 and 21, it needs 622 to 706 days of hire. Which of those two figures holds matters most for the five older vessels, built between 2007 and 2010, which have the least working life left.
📋 In This Issue:
⚖️ The Story:
What the records now show, who Onex is, what it paid over the valuer, the two clocks behind every price, who sold to it, the two VLCCs this brief leaves out, the case against this brief and what the record supports
📊 By The Numbers:
The $690 million, the $80 million over valuation, the Suezmax premiums, the spot and one-year charter rates, the payback days and the sellers’ entry prices
🌍 Why It Matters:
What it changes for the sale and purchase broker, the owner and lender marking a fleet, the charterer and the marine underwriter
👀 What To Watch:
The broker tables due September 25, the next valuation report, the one-year charter rate, the registries, the two disputed VLCCs and the falsifier that would overturn this brief
🚨 Gosships Signal:
What the spot and one-year clocks mean for Onex’s six tankers
