Market sources told Riviera that the Greek owner sold 2011-built, 319,368-dwt Olympic Leopard for around US$115M. Built by HD Hyundai, the vessel has already been renamed Al Yahr and is now listed under ADNOC LS ownership, according to shipping data platforms.
Sources noted that the price represents a historic record for a vessel of this size and age. European shipbrokers are currently valuing 15-year-old VLCCs at between US$97M and US$100M, up by more than 70% compared with 12 months ago.
The sale would also represent a significant asset play for Olympic Shipping and Management, which reportedly acquired the vessel in 2015 for around US$80M. The Greek owner currently operates a fleet of 15 VLCCs and Suezmax tankers.
Abu Dhabi-based ADNOC LS appears to be pursuing an expanding VLCC acquisition campaign, paying premiums for vessels available for immediate delivery.
The company disclosed earlier this month that it had committed US$1.3Bn to acquire six VLCCs and five VLGCs. All six VLCCs were acquired in the secondhand market.
Shipping data platforms now show six VLCCs under ADNOC LS ownership. Beyond Olympic Leopard, the company has also emerged as the new owner of 2012-built Al Faya, formerly known as Delta Angelica. Shipbrokers reported this month that the vessel, previously owned by Greece-based Delta Tankers, was sold for around US$116M.
Reports indicated that additional Delta Tankers vessels were also acquired by ADNOC LS, although none has yet been confirmed as having changed name or ownership.
Meanwhile, ADNOC LS has also acquired 2017-built Al Maqam and Ramhan, previously trading as Front Humber and Front Vefsna, respectively. Frontline, which owned the vessels, disclosed in early August that it had sold two unnamed VLCCs of the same age for an aggregate price of US$270M, implying a price of US$135M per vessel.
Another Greek owner, Thenamaris, has also emerged as a seller to ADNOC LS, with its 2017-built Seapassion now renamed Al Dhannah. Shipbrokers valued the deal at around US$125M.
Finally, Zodiac Maritime’s 2013-built Celeste Nova is now trading as Al Yasat and is listed under ADNOC LS ownership.
Beyond its owned fleet, the Equasis platform also lists ADNOC LS as the ISM manager of eight VLCCs currently owned by Sinokor/MSC. Reuters reported this month that the Abu Dhabi-based company had chartered several VLCCs from the major consolidator to support its exports.
Source: Riviera