Dubai-based Transworld Group has made a move into tankers with a double purchase of LR1 ships.
The latest diversification involves two 74,000-dwt clean carriers renamed as TTC Vidyut and TTC Shakti.
The Panama-flagged ships are currently trading in oil products and will be deployed in worldwide trades.
Ramesh Ramakrishnan-led Transworld has been contacted for further details.
No price has been given, but Transworld called the purchases “a bold step” to move beyond liner and bulk trades.
The “new era” will begin with a focus on the East of Suez market, the owner said.
“So the vessels will fix their initial voyages in the East; however long-haul moves to the West will be targeted basis market requirements,” Transworld added.
The panamax-size vessels can carry clean or dirty cargoes.
Chairman Ramakrishnan said: “The acquisition of two tanker vessels is a testimony of our faith in the markets, our people, and our ability to grow and foray into new frontiers in the shipping and logistics industry. This is a momentous milestone in the history of Transworld Group.”
The group has decided to appoint pools giant Navig8 Group to manage the pair.
Trading houses and oil majors
They will be entered in the LR8 pool, which operates 14 ships, making it one of the leading pools for that size of tanker.
The vessels will be employed with a mixture of large trading houses and oil majors.
Transworld has 25 ships already, operating under brands such as Orient Express Lines and Shreyas Shipping.
The handysize bulkers operate under Transworld Bulk Carriers (TBC).
VesselsValue assesses the fleet as worth $330m.
Last year, the owner furthered its presence in the dry bulk shipping market with the purchase of a third handysize bulker.
It acquired the 36,699-dwt TBC Praise (built 2012) after buying the 38,215-dwt TBC Passion (ex-Asahi Maru, built 2011) from Japan’s Yokoyama Kaiun.
