Product-tanker specialist Benetech Shipping has joined a small band of Greek outfits that have acquired LR1 tankers this year.
The Michael family-controlled shipowner has emerged as the buyer of the 75,000-dwt Gulf Stream (built 2004) from Dubai-based Gulf Energy Maritime (GEM), and has listed the vessel on its website under the name Faros.
Brokers said the Hyundai Mipo Dockyard-built ship changed hands in late September for $10.4m.
The deal was the first in a string of tanker sales by GEM, which is believed to have halved its exposure in the sector by shedding four tankers a couple of months ago.
The only other company linked to the GEM sales so far is Athens-based Leon Shipping & Trading, which has been identified as the buyer of the 75,000-dwt Gulf Cobalt (built 2009) for $17.8m.
But who acquired the Gulf Crystal and Gulf Castle (both built 2009) — sisterships to the Gulf Cobalt — has yet to emerge.
Benetech, which was founded in 2005, has been most active as a manager of MR2 tankers with a capacity of between 45,000 dwt and 50,000 dwt.
Serious about LR1s
However, the acquisition of the Gulf Stream is a sign that the company is serious about expanding its recent drive into the LR1 sector.
Benetech broke into this tanker category in 2017 with the purchase of the 75,000-dwt Georgia M (built 2007), and a second LR1 — the 74,000-dwt Kition M (built 2006) — followed a year later.
In 2018, Benetech concluded a long-term charter for the Georgia M with Emirates National Oil Co, which is also GEM’s biggest shareholder.
Alongside Benetech and Leon Shipping, the band of Greek companies buying LR1s has been very narrow this year.
It includes the secretive IMS, which in May bought the 70,400-dwt Super Sky (built 2005) from Taiwan’s Super Fleet Holdings; Centrofin; and Velos Tankers, a new venture led by Paschalis Diamantides.
Despite the expansion into the LR1 segment, Benetech has not been neglecting its traditional MR2 tanker base. TradeWinds reported in July that the company had bought the 45,900-dwt Biendong Melody (built 2004).
But, a month before that, it looked as if Benetech was preparing to shed MR2 tonnage. Brokers reported that its 46,800-dwt Helen M (built 2005) and 45,700-dwt Arsos M (built 2004) were circulating for sale. However, the ships are still listed in its fleet.
