Greek product tanker owner Benetech Shipping is boosting its fleet of larger ships by taking a 14-year-old LR1 product tanker from Japan’s Meji Shipping.
US shipbroking sources said the Michael family-controlled shipowner has paid $11.4m for the 74,000-dwt Eternal Diligence (built 2006), a long-range-two tanker built at Onomichi Dockyard.
That's well below price estimates by Maritime Strategies International and VesselsValue that put a tanker of Eternal Diligence's characteristics at between $13.1m and $15m.
The price may appear low given the firm freight market, but values for products tankers have not risen at the same pace as the hot crude tanker segment.
VesselsValue data show the ship's estimated value has dipped from $13.5m in January, to today's estimate of $13.1m.
The tanker is due for special survey in January next year.
Benetech and Meiji did not respond to requests for comment.
The company is listed with a fleet of 13 tankers, of which three units are LR1 ships.
The last time Benetech made a move for a tanker of this size was last September, when it paid $10.4m for the Hyundai Mipo Dockyard-built, 75,000-dwt tanker Gulf Stream (built 2005)/ The ship has been renamed Faros.
The Greek owner is primarily involved with MR tankers and bought its first LR1 vessel in 2017.
Although Benetech now appears to show ambitions for LR1 tanker growth, it has also continued to invest in the smaller vessels.
In March, the company paid $15m for the 46,000-dwt MR tanker Jal Anant (built 2009). It was purchased from the Bothra Group of India.
Not including the yet-to-be-delivered Jal Anant and Eternal Diligence, the Benetech's fleet is estimated to be worth a total of $170m, according to VesselsValue.
For Tokyo-listed Meiji, the ship leaves a mixed fleet of 56 vessels and four newbuildings, according to Clarksons.
Eric Martin contributed to this story
