Grace Energy Capitalises on Suezmax Upswing with $94.5m Sale
Dubai‑based Grace Energy Shipping has closed the sale of its 2011‑built suezmax Vendavel for an estimated $94.5 million, according to broker sources. The price is nearly double the $50 million Grace Energy paid for the vessel in May 2024, delivering an 89 % gross uplift before transaction costs.
Vessel background and ownership trail
The 149,999‑dwt tanker, constructed by New Times Shipbuilding, originally entered service as Demetrios under Dynacom Tankers, a company controlled by Greek shipowner George Procopiou. After a brief stint as Grace Noel, the vessel was renamed Vendavel, with Vendavel Shipping listed as the registered owner and Grace Energy acting as manager.
Strategic build‑up in the suezmax segment
Grace Energy’s recent activity signals a deliberate push into the lucrative suezmax market. In 2025 the firm acquired Frontline’s Front Thor for roughly $48 million, and in March 2026 was linked to the $40.5 million purchase of Tsakos Energy Navigation’s 2009‑built Pentathlon. These acquisitions have expanded the company’s operational fleet to three vessels in the 150,000‑dwt class.
Market context: soaring second‑hand values
Broker assessments released this month indicate that five‑year‑old second‑hand suezmax vessels are now valued around $130 million, a 19 % increase over the past three months. The surge is driven by tighter crude oil supply chains, higher freight rates on the Europe‑Asia route, and a limited supply of modern tankers capable of trans‑Suez voyages.
- Average 2026 suezmax freight rates: $22‑$25/mt on the Suez‑Europe lane.
- Spot charter rates have risen 15‑20 % year‑to‑date.
- Newbuild orders for 150,000‑dwt tankers remain constrained, keeping second‑hand demand robust.
Implications for Grace Energy and the wider market
The near‑doubling of the Vendavel sale price underscores the timing advantage Grace Energy has secured. By acquiring vessels at the market trough of 2024 and disposing of them as values peak, the company not only enhances its balance sheet but also signals confidence in continued demand for mid‑size tankers.
Analysts suggest that if the current freight environment persists, other owners may follow suit, potentially accelerating the rotation of older assets and reinforcing the upward pressure on second‑hand prices.
Looking ahead
Grace Energy is expected to evaluate further divestments or strategic charters as the global oil market stabilises post‑pandemic. The firm’s growing fleet, combined with a favourable asset‑value trajectory, positions it well to capitalise on any future market corrections or spikes in demand.
For stakeholders in the Mediterranean and Red Sea corridors, the transaction serves as a benchmark of the healthy valuation environment for suezmax tankers and highlights the importance of timing in asset management.