Dubai‑based trading house Onex DMCC has emerged as a dominant buyer in the Very Large Crude Carrier (VLCC) segment, adding at least five supertankers to its portfolio in a market that is witnessing unprecedented freight rates.
Onex DMCC’s Recent VLCC Purchases
According to broker reports and sales registers, the Dubai firm has executed a series of high‑value transactions over the past few months, signalling confidence in the long‑term outlook for crude oil transport.
Key Transactions
- Promise (formerly Pinios) – Acquired for a record US$200 million. The 306,000‑dwt vessel, built in 2022 and previously owned by Greek shipowner George Procopiou, was renamed Promise shortly after the sale.
- Ashoka – A 303,000‑dwt vessel built in 2010, purchased for an estimated US$130 million. The deal underscores Onex’s interest in relatively young, high‑capacity carriers.
- Norns – This 310,000‑dwt VLCC, constructed in 2009, changed hands for roughly US$112 million.
- Argos Explorer (formerly Nissos Heraclea) – Another 2009 build, 314,000‑dwt, sold by Kyklades Maritime (Alafouzos family) for a comparable price of US$112 million.
- Ennie (formerly Dennie) – The oldest vessel in the series, a 308,000‑dwt ship built in 2000, was bought for about US$40 million. It is scheduled for a dry‑dock survey and has already been renamed Ennie.
Market Context Driving the Purchases
The timing of these acquisitions coincides with a historic surge in VLCC freight rates. The Baltic Exchange reported that the benchmark Middle East Gulf‑to‑China VLCC rate breached the US$1 million per day threshold for the first time, reflecting tight supply and robust demand for crude shipments to Asia.
Furthermore, valuation trends have shifted dramatically. Ten‑year‑old VLCCs are now trading above the price of newly built units, and a 15‑year‑old carrier was recently sold for more than a fresh‑water construction, illustrating the market’s premium on proven, operational vessels.
Strategic Implications for Onex DMCC
By securing a mix of near‑new and slightly older vessels, Onex DMCC positions itself to capitalize on the premium freight environment while maintaining a diversified age profile within its fleet. The company’s ability to deploy capital quickly also suggests strong backing and a strategic intent to dominate the Middle East‑to‑China crude corridor.
Industry observers will watch closely how Onex integrates these assets into its operational schedule and whether the firm will continue its aggressive buying pattern as market rates evolve.
Outlook
If the current rate environment persists, the demand for VLCCs is likely to remain elevated, supporting further asset purchases and potentially encouraging other regional players to follow Onex’s lead. Conversely, any easing in freight rates could prompt a reassessment of acquisition strategies across the sector.
For now, Onex DMCC’s recent spree underscores a decisive bet on the continued strength of the global crude oil supply chain.