NGM Energy back in the asset game with suezmax flip

Asset plays have been the name of the game in shipping circles in recent weeks, with a string of relatively new Middle Eastern players flipping tankers to Chinese buyers at eye-catching profits.

But one familiar Greek name, long associated with remarkable timing in the sale-and-purchase market, has been conspicuously absent from the headlines.

Now NGM Energy, controlled by the Moundreas family, is back in the S&P charts, with a reported deal that sees the Greek owner pocket a staggering $57.1m gross gain on a 16-year-old suezmax acquired less than a year ago. 

In November last year, NGM Energy returned to the buoyant secondhand crude tanker market, picking up the 156,527 dwt Advantage Summer (built 2010) for $40.4m. Now the Jiangsu Rongsheng-built tanker is reported sold for a remarkable $97.5m, with delivery to its new owners scheduled for January 2027, a $57.1m uplift in the vessel’s value, equivalent to a gain of more than 141% on NGM’s purchase price.

Several other 2010-built ships in the same segments have changed hands over the past week, with price tags just under $100m. This week sales chatter suggest that the $100m barrier has just been broken, with unconfirmed reports noting a 2010-built  suezmax tanker has just been sold for $103m.

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