Celsius Shipping Profits from Tanker Sales
Celsius Shipping has showcased its strategic asset management by successfully selling its last two MR2 tankers for a significant profit. The company, which operates a fleet of 36 vessels, sold the 2021-built tankers for approximately $35.5 million each, marking a profitable turnaround from their initial purchase price of $31.5 million. These 50,000 dwt tankers, named Celsius Philadelphia and Celsius Portsmouth, were built at Jiangsu New Yangzijiang in China.
Shifting Focus to LNG and Container Shipping
Recently, Celsius Shipping has redirected its financial resources away from the tanker sector and into liquefied natural gas (LNG). The company currently has ten LNG vessels in operation and eleven more on order, signaling a clear pivot in its business strategy. This shift follows a complete exit from the chemical tanker market in 2023, where Celsius sold three small parcel chemical tankers and an MR product carrier.
In a surprising move, Celsius re-entered the chemical tanker segment last year by acquiring an eight-year-old, 20,000 dwt clean tanker for $31.5 million. This decision reflects the company’s willingness to adapt to market conditions and seize new opportunities as they arise. In addition to its LNG investments, Celsius Shipping also maintains a diverse portfolio that includes twelve containerships, underscoring its commitment to a multi-faceted approach in the shipping industry. The company’s strategic maneuvers highlight its ongoing focus on maximizing profitability while navigating the complexities of maritime logistics.
