JP Morgan’s shipowning affiliate, Bermuda-based Global Meridian Holdings, has cashed in on its early bet on eco-design tankers, selling off the same vessels that marked its entry into the segment six years ago—reaping healthy capital gains in the process.
According to multiple shipbroking sources, Global Meridian is offloading two 49,999 dwt MR tankers—Clearocean Mary and Clearocean Maria—for approximately $30m each. These 2014-built ships, originally constructed at SPP Shipbuilding in South Korea, were purchased in 2019 for $27m apiece under their former names Alpine Mary and Alpine Maria.
While the $3m per-vessel gain represents a modest capital appreciation, it does not account for the significant earnings the vessels likely generated from chartering activities over the past six years—a period marked by strong MR tanker demand and favorable rates.
The deal also reinforces the premium commanded by first-generation eco tankers, which remain in demand despite being more than a decade old. In stark contrast, a recent sale of the non-eco 2011-built PS Capri (51,000 dwt, STX Offshore) fetched only $18.35m, underlining a growing divide in valuation tied to fuel efficiency.
Eco MR tankers such as the Clearocean units are equipped with Tier II engines and advanced hull forms, giving them a fuel efficiency advantage of around 20% at comparable speeds over older tonnage. Retrofitting older ships to meet similar efficiency standards would require substantial investment—another factor driving buyer interest toward eco units.
The sales appear to be part of a broader portfolio realignment at Global Meridian Holdings, which currently controls a fleet of 28 tankers, according to VesselsValue data. The firm, operating under J.P. Morgan Asset Management’s maritime investment platform, has made selective moves in the shipping market, capitalising on asset cycles while deploying capital in strategically timed entries and exits.
