Bob Burke-led Ridgebury Tankers is lining up the purchase of four suezmax tankers hot on the heels of a successful VLCC asset play, market sources say.
Ridgebury is plotting the potential $82m move for four ships managed by Konig, TradeWinds understands.
The transaction would mark Ridgebury's first purchase this year and its first suezmax acquisition since 2016.
Market sources said Ridgebury is seeking capital as part of the latest transaction, which appears similar to twin moves in the VLCC market in 2015 and 2017.
Brokers named the vessels in Ridgebury’s sights as the 159,000-dwt Cape Bari, Cape Bastia, Cape Brindisi and Cape Bonny (all built 2005).
The price of $20.5m per ship is seen as a slight rise given VesselsValue places the tankers in the $19m to $20m range.
However, the situation is not as dynamic as in the VLCC market, where asset prices have been spiking. Ridgebury has taken advantage of that trend this summer with the sale of a VLCC to Yinson Holdings.
Brokers described the suezmax transaction as typical of Ridgebury, which has made several enbloc transactions in both the crude and product markets since it bought its first ship in 2013.
Both of its VLCC deals involved the use of the Norwegian financial system to find investment to back the purchase of older tankers with a view to trade them through until they are scrapped.
Sources explained the suezmax tankers are under the technical management of Konig and are pooled with Navig8.
Ridgebury last bought a suezmax in May 2016, when it picked up the 164,000-dwt DHT Target (built 2001) for $22.5m.
The vessel now trades as the Ridgebury Alina L as one of eight suezmaxes in the company’s fleet.
It also has VLCCs and MR product tankers following its exit from the aframax space last year.
While Ridgebury has moved on higher VLCC prices to take a profit on one of its investments this summer, its last purchase came in late 2018 with the addition of three product tankers managed by Claus-Peter Offen.
Ridgebury has been contacted for comment.
