India’s LMCS Maritime sells Suezmax tanker at over $16 million: sources

A 2001-built and India flagged Suezmax, the Mogra has been sold by India’s LMCS Maritime for more than $16 million to a Hong Kong-based company, shipping industry sources told S&P Global Platts.

“The deal is complete and the tanker has been delivered to the new owner near Dubai,” a source with direct knowledge of the matter told Platts.

Another source tracking the deal also confirmed the sale and purchase of the 150,709 dwt Suezmax. Two tanker brokers in India also confirmed the deal and said more such sales and purchases are likely for dirty tankers as demand for crude will recover over the next few years when the pandemic ebbs.

LMCS Maritime declined to comment when contacted by Platts.

The deal is significant as several investors are sniffing around for dirty tankers amid US-Iran talks exploring the possibility of lifting sanctions on the Persian Gulf nation.

Shipping industry executives said that Iran has a potential to export more than 2.5 million b/d of crude and condensate, equivalent to two or three Suezmaxes a day if the sanctions are lifted. There will be strong demand to move these volumes at cheaper freight which ships that are more than 15 years old can offer, they said.

A Suezmax typically carries up to a million barrels of crude and is a popular ship size to load North Sea barrels, deliver various grades into Europe and India and also to load cargoes in Basrah.

LMCS owns another India flagged, 2000-built Suezmax, the Chafa.
Source: Platts