Al-Iraqia Shipping Services & Oil Trading (Aissot) appears poised to lock in a significant profit on releting two VLCC newbuildings it has on charter from Greek owner Evalend Shipping.
Dubai-based Aissot, the shipping and petroleum trading company set up in 2017, has chartered out the 300,000-dwt scrubber-fitted vessels for a year at $48,000 per day each, according to European broking sources.
Dutch trader Trafigura will take one of the Hyundai Heavy Industries-built tankers, while US-based Koch Industries will take the other, the sources said.
The reported rate is in line with the current spot market, which has jumped substantially.
Oslo broker Fearnleys said the VLCC rate for a one-year charter is $42,000 per day, up from $30,000 per day in March.
Aissot and the two charterers did not respond to a request for comment.
The Dubai operator is believed to be making a big profit on the deals. The newbuildings are believed to have been chartered-in from Evalend for five years at a rate of less than $30,000 per day.
Joint venture
Aissot is a joint venture between Iraqi Oil Tankers Co and Arab Maritime Petroleum Transport Co (AMPTC). It has built up a fleet of some 11 chartered VLCCs from various owners, believed to be all Greek.
Evalend has three VLCC newbuildings on order at HHI, including its 309,000-dwt Najaf (built 2000), which was fixed out to Aissot in January 2018. That deal is a three-year bareboat charter with options to extend at $20,000 per day.
The shipowner with the most extensive dealings with Aissot is believed to be Capital Maritime & Trading, with five modern VLCCs all on charter for five-years each. The Onassis group and Thenamaris have also chartered VLCCs to Aissot.
If the Evalend relet deal is confirmed, it indicates that Aissot is playing a role beyond securing transport of Iraqi cargoes, apparently aiming to be a player on the international tanker scene.
The Aissot relets emerged as other reported VLCC period charters showed similarly strong rates.
Among recent fixtures, European brokers said that Onassis company Olympic Shipping had fixed the 319,000-dwt Olympic Trust (built 2010) for a year at $50,000 per day, although some sources believed this deal has failed to materialise.
In addition, Polemis company New Shipping has fixed a 16-year-old VLCC to Indian Oil Co for a year, with an option for a second year. The rate is believed to be $32,000 per day. New Shipping has three 2003-built VLCCs, all built at Universal Shipbuilding.
