Banking giant JP Morgan has continued its purchase spree with a raid on London shipowner Navig8 Group.

Norwegian sale-and-leaseback company Ocean Yield said Navig8 had exercised options to sell the 111,000-dwt LR2 tankers Navig8 Pride and Navig8 Providence (both built 2018) that are chartered long-term to Navig8.

The vessels are owned by a joint venture 50% controlled by Ocean Yield.

Navig8 had the right to sell the ships to third parties.

Delivery is expected during the first quarter of 2022. Ocean Yield will book a small profit from the deal.

VesselsValue assesses the ships as worth about $46m.

Bermuda buys?

The valuation platform lists the buyer as Global Meridian Holdings in Bermuda, part of JP Morgan Asset Management.

The sale price is given as $48m each.

The tankers were sold by Minsheng Financial Leasing of China to Ocean Yield in 2019 for $33m with a charter attached.

JP Morgan has been contacted for comment.

Global Meridian is listed with a fleet of 44 ships worth $5.08bn, including more tankers, bulkers, VLGCs and containerships, as well as 10 LNG carriers on order.

The company has bought seven other ships this year.

In September, TradeWinds reported that JP Morgan had tapped Oceanbulk Group, the privately held outfit of Greece’s Petros Pappas, to acquire the 207,600-dwt bulker Conrad (built 2017).

In July, the bank made its debut in the LR2 tanker segment with resale buys.

The US-based investment house acquired two 114,000-dwt aframax product tankers that were being built at South Korea’s Hanjin Heavy Industries & Construction (HHIC).

Broking sources said JP Morgan bought the LR2 newbuildings from Belgian shipowner Compagnie Maritime Belge for $55m each. HHIC was due to deliver them in August and September.

At the end of 2020, the bank bought a trio of MR2 tankers from Top Ships for $110m.