Dubai’s Teodor Shipping snaps up its first VLCC

Dubai’s Teodor Shipping, a relatively young shipowner with a fleet of 14 tankers and a bitumen vessel, has snapped up its first VLCC.

Sources tell Splash that the Dubai-based owner is behind the most recent sale in the segment, a deal that was sealed at the beginning of the month, some days before the European Union implemented a six-pack of sanctions, including a partial embargo on Russian oil.

Sources tell Splash that Teodor laid down the winning bid for the 300,000 dwt, 2006 built-, Syfnos, a Universal-built ship, that was first reported sold for $56m to undisclosed buyers. This ship was sold by Greek tanker player, Aeolos Management which almost doubled its money on the VLCC compared to the purchase price in 2018.

The ship, currently at anchorage in Singapore, is widely tipped to ship Russian oil to clients in Asia with Dubai rapidly becoming a key shipowning centre for the ongoing movement of Russian crude.