Germany’s Salamon Exits Tankers with Sales in ‘Completely Unforeseeable’ Asset Boom German shipowner Salamon AG has exited the tanker market through the sale of its product tanker fleet, a move driven by what company sources describe as a “completely unforeseeable” asset boom in the shipping sector. The sales, which include the LR1 product tanker Cape Taft and two sister vessels, were facilitated by an undisclosed lender and completed in 2024. Salamon AG, based in Dortmund, had operated the three Panamax-class tankers since their construction at New Times Shipbuilding. The vessels were in service with leading international charterers including BW BergeBulk of Singapore since 2019 and Maersk Tankers of Denmark/Penfield Marine of the USA since 2013. The company cited sustained strong performance in the tanker market as a key factor enabling the transaction, noting that the three tankers achieved average daily rates between USD 33,700 and USD 36,500 in the first half of 2024. The decision to sell aligns with broader industry trends observed among European shipowners. Between 2022 and 2024, German shipping companies including Schulte, Chemikalien Seetransporte and Salamon AG collectively sold eleven oil tankers to Chinese and Turkish buyers, generating approximately 200 million euros in revenue. These vessels later became part of Russia’s shadow fleet, which transports sanctioned crude oil despite international restrictions. While direct sales to Russian entities are prohibited under EU sanctions, sales to third countries remain permissible, though transactions from 2023 onward require registration with EU authorities. Salamon AG continues to focus on its core competencies in asset management, fund administration, and the structuring of investment projects in tangible assets, particularly within the transport and logistics sectors. The company maintains an active role in identifying investment opportunities and preparing projects for institutional investors, leveraging its expertise in controlling and reporting for investment and fund companies. The tanker sales reflect a strategic pivot by Salamon AG amid exceptional market conditions, allowing the company to capitalize on elevated asset values while redirecting resources toward its established investment house and asset management operations.
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