Kriton Lendoudis-led Evalend Shipping insists it has not decided to offload one of its older VLCCs involved in storage off Iraq, despite brokers indicating the tanker is a possible sales candidate.
Local brokers put feelers out into the market last week by indicating that the 300,000-dwt Najaf (built 2000) could be “developed for sale".
The vessel has been used for storage and the ship-to-ship transfer of Iraqi government oil through a charter arrangement with the Al-Iraqia Shipping Services & Oil Trading (AISSOT).
AIS data indicates the Najaf is operating from the Umm Qasr anchorage off Basra.
In January 2018, TradeWinds reported the ship was committed to a three-year charter to AISSOT at $20,000 a day, with options to extend for a further two years. If AISSOT does not take up the option then the ship could be free of its charter commitments in January.
Special survey
The Najaf is also due for an extensive fourth special survey in August according to classification society Lloyd’s Register’s public records.
Lloyd’s Register describes the tanker as a “moored storage vessel".
VesselsValue estimates the Najaf is currently worth $24.54m.
In a recent comparative sale, the 281,000-dwt Kalamos (built 2000), which is also due for a special survey, sold for $19.95m in June.
However, a spokesperson for Evalend said it had not put a for sale sign on the Najaf and described the market talk as an attempt by brokers to drum up business.
“Many brokers circulate ships without authority, so it must be a similar case,” he said.
Dubai-headquartered AISSOT was established in 2017 as a joint venture between Iraqi Oil Tanker Company and Arab Maritime Petroleum Co to develop shipping services to support the export of Iraqi oil.
AISSOT turned to floating storage and ship-to-ship transfers as inland storage tanks are full and because of restrictions on access for larger tankers to some Iraqi terminals.
The company has since developed strong commercial charter relationships with mainly Greek shipowners, including the Onassis Group, New Shipping and Thenamaris Shipping.
However, AISSOT recently fell into dispute with Evangelos Marinakis’ Capital Ship Management when a bareboat charter arrangement for six VLCCs was prematurely terminated.
