Maria Angelicoussis-led Maran Tankers has sold the oldest very large crude carrier (VLCC) in its fleet at a price that is in line with current market dynamics.
Maran Tankers, a tanker company under the Angelicoussis Group, the largest shipping group in Greece and one of the largest private fleets in the world, sold the VLCC “Maran Canopus” for approximately US$50 million, according to Greek shipbroking.
The Maran Canopus is the oldest vessel in Maran Tankers fleet, followed by the Maran Capricorn, which was built in 2008. The VLCC sold this time was built and delivered by Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering, DSME) in 2007, with a deadweight of 320,475 tons, equipped with a scrubber, and does not require special inspections before September 2027. Therefore, the sale price of $50 million, although strong, is also within market expectations.
In comparison, a VLCC owned by another Greek shipowner, also built by a Korean shipyard and delivered in 2007, was sold for about $46 million in April this year. The ship is not equipped with a scrubber and needs to be overhauled this summer. Another similar transaction was sold for $47 million, also without a scrubber, and will face drydocking requirements in September.
Xclusiv Shipbrokers estimates that the current valuation of a 15-year-old VLCC is around $56 million, down 3% from its valuation in May 2024.
It is worth noting that transactions in the VLCC secondhand market have accelerated significantly. According to Allied Shipbroking data, six VLCCs changed hands last week alone, bringing the total number so far this year to 14.
The Angelicoussis Group has a long-standing reputation for strategic fleet renewal, combining the timely sale of second-hand vessels with significant investment in newbuildings, according to the report.20 In December 2024, the group’s Maran Tankers sold the 2006-built VLCC ‘Maran Aries’ for approximately $45 million. In December 2024, Maran Tankers, a subsidiary of the group, sold the 2006-built VLCC “Maran” for approximately $45 million.
It is reported that the Angelicoussis Group has long enjoyed a reputation for strategic fleet renewal, combining the timely sale of second-hand ships with large investments in new shipbuilding. In December 2024, Maran Tankers, a subsidiary of the group, sold the VLCC “Maran Aries” built in 2006 for approximately $45 million.
Officials show that Maran Tankers currently operates 53 vessels and has 11 Suezmax and DP2 shuttle tankers on order.