Greece-based IMS SA has been doubling down on secondhand tankers, acquiring them at a quick pace, as domestic shipowners sell their assets amid soaring prices
Over the past 16 months, clients of the low-profile company, led by Marios Gialozoglou, have emerged as owners of about a dozen product tankers that brokers had previously reported sold to unidentified interests.
According to shipping data platforms, IMS’ expansion drive has even included a bulker in the shape of the 35,000-dwt Ben Wyvis (renamed Ben, built 2015) — a bank-controlled handysize reported sold around the end of last year for between $17.1m and $17.4m.
However, IMS’ usual targets have been MR and LR product tankers put up for sale by European owners paring their exposure to the sector.
The company has been particularly keen on sister ship pairs offered en bloc.
This was the case early this year with the 38,300-dwt Voge Trust and Voge Dignity (both built 2009) — sold together by Rederei H Vogemann for a combined $38m and which are now trading as the Kingston and Orlando, respectively.
After a similar deal, IMS emerged in March as the new manager of the 37,300-dwt MR sister ships Baltic Sun II (built 2005) and Giannutri (built 2004), which were sold by Germany’s Baltic S Produktentank for about $27m in total.
These two ships have been renamed Milano and Roma, respectively.
In the latest and most high-profile transaction, IMS has emerged with the 65,200-dwt Stena Premium (renamed Jakarta, built 2011).
Sweden’s Stena-backed Concordia Maritime announced on 4 August it had agreed to sell that vessel to undisclosed buyers at an undisclosed price.
Considering that Concordia said at the time it had agreed to divest the 65,200-dwt Stena Progress (built 2009) as part of the same deal, it would be logical to assume that the vessel too will soon join IMS.
According to Gothenburg-based Concordia, the buyer would be taking over the two ships’ ongoing charters with Stena Bulk. Those fixtures, which have Stena Bulk sub-chartering the vessels on short and medium-term deals, run out in late 2024.
Managers at IMS did not respond to a request for comment about the two ships or their company’s overall strategy.
Other tanker acquisitions by the company’s clients this year have included: the bank-controlled, formerly Turkish-owned 37,900-dwt Style (renamed Osaka, built 2008); Nordic Hamburg’s 37,600-dwt Nordic Humboldt (renamed Bronx, built 2008); Hamburg-based CST’s 72,200-dwt LR1 Chemtrans Saturn (renamed Nordic, built 2006); as well as Ernst Jacob’s 38,400-dwt MR Nordic Tatiana (renamed Tatiana, built 2007).
