Victor Restis-controlled Golden Energy Management is carrying out its first sale-and-leaseback transaction, involving two MR2 sisterships.
TradeWinds understands the 46,600-dwt Energy Progress and Energy Puma (both built 2008) have been sold to an unidentified Chinese party for more than $17m each. They were built at Sungdong Shipbuilding & Marine in South Korea.
Tanker S&P deals are becoming more frequent. In August, Navios Maritime Acquisition revealed a deal for 10 product tankers as part of its latest refinancing drive. However, Golden Energy has so far been absent from the trend.
The deal to cash in on the Energy Progress and Energy Puma is in contrast to the straight sale of an older MR2 unit, which Restis offloaded a few weeks ago.
Golden Energy’s 51,300-dwt Energy Protector (built 2004) is believed to have fetched about $11m in a transaction concluded at the end of August. The STX Offshore & Shipbuilding-constructed vessel has since emerged as the biggest vessel in the fleet of the US-based MT Maritime group and is trading as MTM Hudson.
The sale of the Energy Protector has to be seen as a first, gradual fleet-renewal move while Golden Energy awaits delivery of newbuildings under construction at STX’s Chinhae yard in South Korea. As TradeWinds reported in July, the company signed a deal for two firm and two optional 50,000-dwt product carriers for an estimated $37.5m each.
The ships, to be delivered by early 2021, will be scrubber-ready and built to IMO NOx Tier III emissions standards.
Golden Energy has another pair of 11-year-old MR2 tankers that might be sales candidates: the 46,800-dwt Energy Panther and 46,600-dwt Energy Patriot (both built 2008).
The Energy Panther is on a three-year time charter with ExxonMobil, reportedly earning $14,500 per day until August 2021.
Golden Energy, which is listed with 11 tankers on the water, is part of Restis’ wide-ranging business and shipping interests. His Enterprises Shipping & Trading manages more than 20 bulkers.
Restis was also a shareholder in freight operator SwissMarine. However, he is understood to have sold his holding as part of a buyout by Peter Weernink-led Singapore Marine.