Adam Polemis, a well-known Greek shipowner, has completed his third major tanker transaction in three months. Adam Polemis’ private shipping company New Shipping purchased the LR2 tanker “Hesperia Tide” from Eastaway for approximately US$71 million.
The Hesperia Tide is a 115,000 DWT LR2 tanker equipped with a scrubber, built and delivered by Zhoushan Changhong International Shipyard (Changhong International) in 2025.
This transaction highlights Adam Polemis’ strategy of upgrading its fleet by replacing old vessels with modern, environmentally friendly vessels through trade-ins. The funds used for this transaction were reinvested from the profits generated by the sale of old VLCCs.
Prior to the acquisition of Hesperia Tide, Adam Polemis had already sold two VLCCs.
In June this year, New Shipping sold the 300,000 DWT VLCC “New Tinos”, built by Japan’s Universal Shipbuilding in 2003, for US$37 million, achieving a significant return on the US$21 million acquisition price seven years ago. The VLCC has been renamed “Cesaria” and has been re-flagged to Turkey, but the identity of the final buyer has not yet been disclosed.
In May this year, Adam Polemis sold another old VLCC, the New Naxos, to Thai shipowner Prima Marine and renamed it the Lorian. Although the vessel was about to undergo dry dock repairs, it still sold for US$33 million.