Tanker owner Marinvest of Sweden is boosting its fleet by placing an order for two 50,000-dwt product tankers at Hyundai Mipo Dockyard in South Korea.
The ships are being built against long-term employment to Canadian methanol producer Methanex and its subsidiary Waterfront Shipping, according to sources with knowledge of the deal. They are set for delivery in 2019.
Marinvest managing director Patrik Mossberg declined to comment. It is unclear whether the deal includes options for further ships.
The tankers are believed to be similar to a series of MR tankers that Marinvest and partners ordered at HMD in 2013, again with Methanex charters attached.
The vessels ships were contracted for $44m each and were at the time said to be the first orders for vessels that use methanol as a fuel. The 50,000-dwt Mari Jone and Mari Boyle were delivered from HMD in 2016.
In October 2014, Marinvest dropped an option for third MR tanker at the yard.
Methanex also has the two oldest tankers in the Marinvest’s fleet on time charters. The vessels are the 31,000-dwt Marinex (built 1994) and 30,000-dwt Mariline (built 1996).
In addition, the co-operation between the two companies also includes a contract fir Marinvest’s 22,800-dwt tanker Marit (built 2001).
Waterfront Shipping, which operates a fleet of 28 zinc-coated tankers, was unavailable to comment. A source familiar with Methanex said it possible the latest newbuildings will be dual-fuel capable, running either regular fuel oil or methanol. Waterfront Shipping has been a leading advocate for methanol as marine fuel.
Methanex relies mostly on Waterfront's dedicated fleet for its methanol exports from the Americas and Asia, along with an occasional hire in the spot market. The long-term employment of two more MRs will likely further reduce their need for spot charters, the source added.
"They will not have to compete for vessels in the spot market with other methanol shippers in the future," the source said.
Methanex is looking to boost output from its methanol plants in the US Gulf in the coming year. Likewise, new plants such as the OCI Natgasoline plant in Texas and Yuhuang Chemical's plant in Louisiana will also boost cargoes out of the regional, putting more demand on methanol capable tankers.
Set up by Mossberg's late father Lars in 1988 after he left a position as vice president of Swedish owner Zenit Shipping, Marinvest has a fleet of 12 on the water.
Two of the tankers the tankers, the 75,000-dwt Maribel (built 2007) and Mariann (built 2008), have on time charter to Lukoil for Arctic trade at $23,500 per day for the past two years. TradeWinds is told Lukoil did not extend the charters.
In February 2016, Marinvest was reported to have sold its 74,000-dwt product tanker Maritina (built 2006) to UK-based Union Maritime for $25.9m, but no deal was finalised and the ship is still in the fleet. The tanker is now likely worth more than $14m.
The company last sold a ship in 2012 when the 83,000-dwt Kirsten (built 1988) went to AR Shipping for $8m.
