The Moundreas company has bought the 159,900-dwt Gener8 Argus (built 2000), market sources say.

A price of $11m is being placed on the transaction, which brokers suggest is in line with the present market.

Moundreas moved for the tanker after a previous deal with Trafigura fell through because subjects were not lifted.

Gener8 has been an active seller of tankers in the past months as part of a fleet renewal programme and later to add cash to its balance sheet as the market weakened.

NGM Energy has a fleet of 18 tankers, however, the stable includes only one suezmax, the 159,000-dwt La Mer (built 1998). It also has 10 bulkers in the water.

It has been quiet in the sale and purchase arena for more than a year after buying a VLCC from K Line last April.

The Moundreas group, however, has been busier on the drybulk side, picking up two capesizes in March this year that have significantly appreciated in value since.

Moundreas is understood to have picked up yet another capesize, according to market sources, with details expected to emerge later this week.

by Andy Pierce and Harry Papachristou 

tradewindsnews.com