Lila Global pays $24.5m premium for second suezmax as values soar
The 156,700 dwt Cape Benat joins Lila Global’s fleet for $62.5m, marking a 53% jump on its 2024 sale price.
Lila Global has expanded its tanker fleet with the acquisition of a second suezmax vessel, reflecting the company’s focus on the wet segment this year. The latest purchase brings the total number of tankers in its fleet to 13.
The company has agreed to pay $62.5 million for the 2010-built Cape Benat, formerly known as Front Loki. This price represents a $24.5 million premium compared to its first suezmax purchase in August last year, when Lila Global acquired the 2011-built Lila Marseille (previously Front Brage) for $38 million. The significant increase underscores the rapid appreciation of older suezmax tonnage in the current market.
The Cape Benat is one of three suezmax tankers built at Jiangsu Rongsheng Heavy Industries for John Fredriksen’s Frontline, all named after Norse gods. The vessel last changed hands in 2024 for $46.9 million, though the buyer at the time was not disclosed. With a capacity of 156,700 deadweight tonnes, it becomes the second suezmax in Lila Global’s fleet and the second with ties to Frontline.
Frontline
Sharp rise in suezmax values
The acquisition follows a period of active fleet growth for Lila Global. Earlier this year, the company purchased four stainless-steel chemical tankers from Easterly Clear Ocean. It also added the 2006-built very large crude carrier (VLCC) Vadin from Mitsui OSK Lines for approximately $58 million. The VLCC was initially renamed Lila Vadinar and registered in India before adopting its current name.
Lila Global’s fleet strategy centers on vintage tonnage, with most vessels built between 2006 and 2009. The 2011-built Lila Marseille remains the youngest tanker in its portfolio, highlighting the company’s preference for older, cost-competitive assets.
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