Equasis now lists Onex with 2024-built, 109,999-dwt On Pride (ex Elandra Tern) and On Passion (ex Elandra Swift). Shipbrokers reported in February that the duo, previously owned by Vitol, had been sold en bloc to undisclosed buyers for around US$84M each.
The reported pricing points to a highly attractive deal from the seller’s perspective. Greek shipbrokers estimate that newbuilding costs for an Aframax tanker currently stand just above US$75M, while resale values are assessed at approximately US$88M.
With these reported additions, Onex DMCC approached for comment now controls a fleet of five tankers, all in the Aframax/LR2 segment. The company took delivery of three vessels in 2021 from HD Hyundai, while shipbuilding data indicates it is set to receive a pair of MR2 tankers from the same yard later this year.
Onex DMCC describes itself as an independent trading house and a subsidiary of Onex Group, “a major private infrastructure group focused on power generation, distribution, renewables, commodity trading, shipping and refining, as well as super-prime real estate and telecoms.”
According to Allied Shipbroking, 22 Aframax/LR2 tankers have changed hands so far this year, with an average age of 13 years – the youngest among tanker segments in the secondhand market, just behind Suezmaxes.
Prices have also strengthened across all age groups, supported by Middle East tensions, which are driving higher earnings.
A notable example is a 2018-built LR2 tanker, which, according to European brokers, was sold in mid-March for around US$70M, compared with earlier indications of US$55M before the escalation of the conflict.
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