Suezmax Values Stay Bid Even for Older Steel (NAT Sells 2003-Built Nordic Pollux for $25m
Nordic American Tankers agreed to sell its oldest Suezmax, the 2003-built Nordic Pollux, for $25 million (net to the company). For owners, this is a useful pricing tell: buyers are still paying up for deliverable tonnage, which reinforces replacement economics and helps keep secondhand floors firmer than many expect when rates wobble.
| Signal piece | Moving | Fast impact path | Operator-facing tell |
|---|---|---|---|
| Sale print | Nordic American Tankers agreed to sell its oldest Suezmax, the 2003-built Nordic Pollux, for $25m net. | Older steel clearing at strong levels tightens the valuation floor and reinforces that buyers still want deliverable tonnage. | Owners hold firmer on price for prompt candidates, even when freight tone is noisy. |
| Market framing | The deal is characterized as a hefty premium, highlighting strength in secondhand pricing for vintage tankers. | When media and brokers describe vintage tonnage as bid, it often feeds into bid-ask behavior across comparable units. | More sellers test the market with older units and fewer price cuts on first round. |
| Balance sheet angle | NAT stated the ship has no debt, so proceeds are clean cash to the company. | Debt-free sales make fleet renewal easier: cash for capex, liquidity, and optionality for additional deals. | More owners explore similar trades: dispose old, order or buy younger, keep net fleet steady. |
| Replacement logic | Strong resale pricing narrows the effective gap to replacement, especially if newbuild pricing stays elevated. | Higher secondhand values can sustain ordering appetite and reduce the urgency to scrap, keeping supply sticky. | Fewer demolition decisions for marginal ships while secondhand buyers still pay up. |
| Underlying signal | Even with age, clean trading tonnage is being valued for availability and immediate earning power. | That supports the view that capacity is tight enough in parts of the tanker market that buyers pay for time and deliverability. | Higher enquiry for ready ships versus speculative long-delivery assets. |
Comprehensive Overview
Bottom-Line Effect
The sale is a simple tell: buyers are still willing to pay for immediate availability, even when the ship is older. That tends to keep secondhand values supported and makes fleet replacement decisions more math-driven than sentiment-driven.
Why a $25m print matters (quick lens)
Bars reflect the practical direction of pressure when vintage ships transact at strong prices, not a quantitative forecast.
Market tells to watch next
- More “older but clean” ships quietly marketed as sellers test bid depth.
- Bid-ask spreads tightening for prompt, trading-ready units.
- Scrap candidates staying in service longer if secondhand buyers remain active.
Owner playbook
- If you are a seller: strong prints support firmer reserves and shorter marketing windows.
- If you are a buyer: compare time-to-earnings versus waiting for a younger unit or a newbuild delivery slot.
- If you are renewing: evaluate sell-and-replace economics as a package, not ship by ship.
Cash gap to newbuild
$61,000,000
Newbuild price minus secondhand proceeds.
Earnings during wait
$32,850,000
Net earnings over the delivery wait period.
Simple decision cue
Replacement still costs cash
Strong secondhand values reduce the gap, but timing and earnings matter.
This is a simplified lens. Actual decisions depend on financing terms, spec differences, regulatory outlook, and your specific employment profile.
Source notes
Deal details (vessel age and $25m net price) were disclosed by Nordic American Tankers.
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