A tanker sale that has recently sparked heated market discussion has finally been concluded: Dubai-based trader Onex DMCC has reportedly acquired a Very Large Crude Carrier (VLCC)—delivered earlier this year—from Dynacom Tankers, a company controlled by Greek shipping magnate George Procopiou, for a staggering $200 million.
According to the latest transaction records from the vessel valuation firm VesselsValue, the deal between Onex DMCC and Dynacom Tankers involves the “Pinios”, a 306,000 DWT VLCC. Built by the private Chinese shipbuilder Hengli Heavy Industries, the vessel is a newbuild delivered this year and is less than seven months old.
Reportedly, the “Pinios” was sold for $200 million, significantly higher than the $179.4 million valuation provided by VesselsValue, meaning the buyer paid a premium of over $20 million to secure prompt delivery. Following the completion of the transaction, the vessel was renamed the “Promise” and is currently deployed in the Gulf of Oman, the hottest region in the global oil tanker market at present.
The “Pinios” is the second VLCC built by Hengli Heavy Industries for Dynacom. Measuring 332.8 meters in length, 60 meters in breadth, and 30 meters in depth, the vessel features a service speed of 14.5 knots and is equipped with a scrubber system; it was named and delivered on January 30, 2026.
George Procopiou’s decision to sell the vessel and cash in comes at a pivotal moment when both VLCC charter rates and asset prices have reached levels rarely seen in the industry’s history. Last week, the daily charter rate for the Baltic Exchange’s benchmark TD3C route—spanning the Middle East Gulf to China—surpassed the theoretical threshold of $800,000.
The market is increasingly willing to pay a steep premium for vessels ready for immediate operation—a trend evident across other sectors as well. Recently, the secondhand valuation of a five-year-old VLCC has exceeded the cost of a newbuild; shipowners appear more inclined to pay this high premium rather than wait three to four years for the delivery of a new vessel.
Morgan Stanley believes that the current VLCC market rally will continue. In an optimistic report titled “Tanker & Fuel: A Golden Age,” the firm noted that tanker freight rates for 2026 have tripled and currently stand at 4.7 times the mid-cycle level, while predicting that current two-year VLCC time charter rates still have room to rise by 20% to 30%.
Morgan Stanley further indicates that effective capacity will remain tight through 2027: 6% of the global VLCC fleet is already over 25 years old, with another 10% nearing retirement age, while extended voyage distances, floating storage, and geopolitical turmoil continue to absorb available capacity.