Sale Overview
Greek shipowner Minerva Marine has confirmed the disposal of two of its vintage ice‑classed tankers to Chinese buyers. The transactions mark a strategic shift for the Martinos‑family‑controlled group as it capitalises on a favourable market for well‑maintained, cold‑weather vessels.
Vessels Sold
- Minerva Nounou – an Aframax tanker built in 2006 by Daewoo Shipbuilding & Marine Engineering. With a deadweight of 114,850 dwt, ice class 1A, and a completed 20‑year special survey, the vessel fetched a price exceeding $40 million.
- Minerva Xanthe – a medium‑range (MR) tanker of the same construction year, measuring 50,922 dwt. Also ice class 1A, equipped with IMO‑II and phenolic‑epoxy coating, it attracted a buyer’s offer of around $16 million.
Buyer Profile
Both ships were acquired by Chinese entities whose identities have not been disclosed. Sources familiar with the negotiations indicate that the buyers are expanding their fleet for operations in the Arctic and high‑latitude routes, where ice‑class certification provides a competitive edge.
Market Context
The sales come at a time when demand for ice‑strengthened vessels is rising, driven by increased activity in the Northern Sea Route and the expansion of Russian and Asian energy projects. Vessels of this age, especially those with recent special surveys and robust coatings, are commanding premium valuations.
Strategic Implications for Minerva Marine
By divesting these assets, Minerva Marine is freeing up capital to pursue newer builds or alternative segments that align with its long‑term growth plan. The company, celebrating its 30th anniversary, has signalled a willingness to adjust its portfolio in response to evolving market dynamics.
Industry Outlook
Analysts anticipate continued interest in ice‑class tankers as global trade routes diversify and climate‑driven navigation opportunities expand. The transactions underscore the attractiveness of well‑maintained, mid‑life vessels for emerging markets seeking to enter high‑latitude shipping without the expense of brand‑new builds.
Minerva Marine’s recent activity exemplifies the broader trend of seasoned shipowners monetising high‑spec assets while repositioning for future growth.