AAL Shipping has added three more multipurpose (MPP) vessels worth a combined $55m to its owned fleet.
The Singapore-based company has taken delivery of the 25,800-dwt sisterships AAL Gunsan (built 2010) and AAL Geelong (built 2009).
The vessels were purchased in early 2021 by the Schoeller Holdings-controlled company for a reported $8m each. Today, they are estimated to be worth around $17.5m each, according to VesselsValue.
The two vessels formerly operated as the BBC America and BBC Valparaiso for Intership Navigation, which is part of Germany Hartmann Group.
They join two other G-class vessels in AAL’s fleet: the 25,800-dwt AAL Galveston and AAL Genoa (both built 2010).
AAL has also taken delivery of a third MPP and heavylift vessel: the 33,000-dwt AAL Moon (built 2010).
The ex-Warnow Moon is one of four W-class vessels operated by AAL. The vessel has been commercially managed by the company since 2017 and is estimated to be worth around $20m.
Strategic growth
The secondhand acquisitions expand AAL’s multipurpose operating fleet to 864,800 dwt, of which 90% is controlled by the Schoeller Holdings subsidiary.
“This authority that AAL has over its operating fleet is important to the long-term sustainable expansion and deployment of our vessels,” chief executive Kyriacos Panayides said.
He said the latest acquisitions as part of a strategy to employ large MPPs, which generated greater economies of scale.
AAL specialises in the operation of larger heavylift and multipurpose vessels.
The company is also active in the newbuilding sector with orders for six 32,000-dwt multipurpose vessels under construction at Huangpu Wenchong Shipyard in China.
The newbuilds, which will be equipped with three heavylift cranes capable of 350 tons each, are slated for delivery from 2024 onwards.
AAL deploys its fleet on monthly liner, regular trade lane and tramp chartering operations.
Demand easing
However, demand for the services of MPP operators has started to wane in the past three months.
That is partly due to the withdrawal of interest from the container carriers, who have previously taken large MPP vessel during the market boom.
The fall resulted in a slide in charter rates with the Toepfer Multipurpose Index (TMI), which measures six to 12-month charter rates for 14,000-dwt MPP vessels.
The TMI slid to $20,289 per day for the month of October, down from a peak of $23,099 per day in July.
