Recently, the international product tanker market has witnessed another major transaction. According to European brokers, Dubai-based shipowner ONEX has successfully resold its two 50,000 dwt MR product tankers, the On Prosper and the On Promise, at a per-vessel price of as high as $59–60 million. This price has been hailed by industry insiders as “the highest ever for an MR2 vessel,” underscoring the current robust strength of the product tanker market.

The two vessels were ordered by ONEX in 2024 at HD Hyundai Mipo in South Korea, with a newbuilding cost of approximately $54 million each at the time. The ships are scheduled for delivery in the third and fourth quarters of this year. Vessel valuation agency VesselsValue currently estimates their market value at around $57.5 million each. On this basis, the resale price represents a premium of about $6 million over the original contract price, an increase of over 11%, reflecting a significant asset value appreciation.

Clarksons Research noted that the current guideline price for newbuilding MR tankers is in the low-$50 million range. “The premiums achieved as these vessels near delivery, relative to average newbuilding prices, clearly demonstrate the significant improvement in asset values over the past two years.” Greek broker Cass Technava estimates that the current newbuilding cost for an MR tanker is approximately $51.5 million, while a five-year-old secondhand vessel is priced at around $51 million.

According to market sources, the buyer in this transaction is Gulf Energy Maritime (GEM), headquartered in Dubai, UAE. GEM was established in 2004 as a joint venture between Emirates National Oil Company (ENOC), Abu Dhabi’s International Petroleum Investment Company (IPIC), Oman Oil Company, and France’s Thales Group. The company currently operates 14 vessels, predominantly MRs with some LR1s, most of which were built at HD Hyundai Mipo.

Notably, GEM has been highly active in the MR tanker segment in recent years. In March this year, GEM placed an order for six 50,000 dwt MR product tankers at HD Hyundai Heavy Industries and HD Hyundai Vietnam Shipbuilding, at a unit price of around $52 million, with a total value of $312 million. In addition, GEM holds orders for two other MR newbuildings at HD Hyundai Mipo, scheduled for delivery in 2026. With the addition of the two acquired resale vessels, GEM’s fleet of MR vessels under construction or newly acquired continues to expand.