According to foreign media reports, BGN International has acquired the 2017-built Suezmax tanker “Speedway” from Greek shipowner CM Lemos for between $98 million and $99 million.

The vessel was built by HD Hyundai Heavy Industries and has a deadweight tonnage of 158,600 tons, an overall length of 274 meters, and a beam of 48 meters. The acquisition is the second Suezmax tanker deal BGN has completed since entering the crude oil tanker market in July this year.

The acquisition comes amid a market environment in which Suezmax tanker asset prices and freight rates are rising in tandem. In 2026, the crude oil shipping spot market has remained red-hot, with average Suezmax tanker charter rates exceeding $200,000 per day, and daily rates on several major routes hitting record highs. Clarksons data show that a newbuilding Suezmax tanker of 156,000 to 158,000 dwt is currently priced at about $89 million, up about 3% year on year.

The secondhand market is equally active. Greek shipbroker Allied Shipbroking estimates that a five-year-old secondhand Suezmax tanker is valued at about $92 million, while a newbuilding is priced at about $89 million, meaning secondhand prices have almost caught up with newbuilding prices. In the first quarter of 2026, 193 secondhand oil tankers totaling 30.078 million dwt were sold globally, a record high for a single quarter, accounting for 60.4% of all secondhand ship transactions by dwt. In the Suezmax segment, demand for secondhand tonnage is strong while supply is insufficient, and transactions remain active even for older vessels.

Valuation references in Compass Maritime Services’ September 21 weekly report show that a 10-year-old, 160,000-dwt Suezmax tanker is valued at $89 million, while a five-year-old vessel of the same size is valued at $105 million. As a 10-year-old vessel built in 2017, the “Speedway” was sold for $9 million to $10 million more than the 10-year-old valuation, but still below the five-year-old benchmark.

BGN’s successive Suezmax tanker acquisitions are an important step in extending its shipping asset portfolio from the LPG sector into crude oil transportation. In July 2026, BGN acquired the 2016-built “GH Holiday” from Hayfin Capital for more than $80 million, renamed it “Bella First,” and formally entered the ranks of crude oil tanker owners. With the addition of the “Speedway,” BGN has accumulated two modern Suezmax tankers in less than three months, and negotiations for a third are underway. This pace indicates that BGN, leveraging its background as a trader, is systematically building its own crude oil transportation capacity rather than merely investing in ship assets.