Hong Kong’s Valles Steamship has splashed out $104m on up to two LR2 tanker newbuildings at South Korea’s Daehan Shipbuilding.
Shipbuilding players said the Koo-family shipowning company has signed up for one 110,000-dwt product tanker, with an option on a further vessel.
Valles is scheduled to take delivery of the firm ship in the second half of next year.
Daehan declined to comment, citing contract confidentiality. Valles was unavailable for comment.
Valles is said to be paying $52m per ship, which includes coating and “extras”.
The vessel will be scrubber free.
Japanese orders
Last year, Valles commissioned Japan’s Sumitomo Heavy Industries to build two 112,000-dwt crude carriers for delivery at a reported price of about $50m each.
The scrubber-free newbuildings — Hull Nos 1404 and 1405 — are slated for delivery at the end of this year and in 2021. The deal involved Japanese trading house Itochu Corp.
Valles is said to have ordered the pair of newbuildings on the back of charter contracts. However, details have not been disclosed.
“Valles does not order newbuildings on speculation,” a shipping source said. “It must have a charter plan lined up for the LR2 newbuildings at Daehan.”
Valles currently has a fleet of 10 tankers on the water — five aframaxes, two LR2s and three MRs.
According to VesselsValue, last year Valles sold the 107,000-dwt Seanostrum (renamed Hebe, built 2002) to Koban Shipping for $14.2m, and the 110,000-dwt Seaheritage (renamed Glifa, built 2005) to Union Maritime for $14.5m.
Valles exited dry bulk last year, when it sold the Hudong Zhonghua-constructed panamax Silver Dragon (built 2006) to Modion Maritime Management of Greece for $8.3m.
It has been renamed Minoan Glory and its market value is now $8.73m.
Valles’ LR2 contract marks the first newbuilding deal for Daehan this year.
October contract
The South Korean shipbuilder's most recent order was sealed in October, when Turkey’s Yasa Holding signed up for a pair of scrubber-fitted, 158,000-dwt crude carriers for more than $60m apiece. The vessels are set for delivery in early 2022.
Haenam-based Daehan is under the control of its lenders, with state-owned Korea Development Bank being the largest creditor.
It secured 10 tanker newbuildings last year from five shipping companies, including Yasa.
The yard has built up an order backlog of 19 newbuildings, which is made up of 10 suezmaxes, eight aframax tankers and one training ship.
