Adam Polemis seals third tanker deal in three months

Adam Polemis, a leading figure in Greek shipping, has made headlines with his latest acquisition of the LR2 tanker Hesperia Tide. This purchase marks his third significant tanker transaction in just three months, highlighting his commitment to modernizing his fleet with eco-friendly vessels. The deal, estimated at around $71 million, involves the ship built by Zhoushan Changhong, further emphasizing Polemis’s strategic shift away from older ships.

Strategic Fleet Upgrade

The Hesperia Tide is a state-of-the-art LR2 tanker with a deadweight tonnage of 115,000, featuring advanced scrubber technology. Recently completed, this vessel was acquired from Eastern Pacific Shipping as part of New Shipping’s ongoing fleet enhancement plan. Market sources indicate that the capital for this investment was largely sourced from the recent profitable sales of older Very Large Crude Carriers (VLCCs).

Downward revision of the number of MR ships, but still longer waiting times in the south

Polemis’s recent transactions include two notable disposals of vintage VLCCs. In June, he sold the New Tinos, a 2003-built ship, for $37 million after purchasing it for just $21 million seven years prior. The vessel has since been renamed Cesaria and reflagged to Turkey, although the identity of the final buyer remains undisclosed. Earlier in May, he offloaded another aging VLCC, the New Naxos, to Taiwan’s Prime Marine for $33 million, despite it being due for dry docking. This series of transactions reflects Polemis’s strategic focus on transitioning to more efficient and environmentally friendly shipping solutions.