Energy major BP has reportedly secured two LR2 product tankers from UK-based Union Maritime for up to two years at high rates.
European shipbrokers said the 109,000-dwt Ampleforth (built 2008) and Wellington (built 2009) are fixed for one year at close to $20,000 per day with an option for one more year.
Oslo-based broker Fearnleys estimates the prevalent one-year rate for LR2 tankers at $16,000 per day.
LR2s have outperformed other tanker segments in the freight market this year, partly supported by health naphtha arbitrage flows to East Asia, according to analysts.
“Despite oversupply, we note product tanker rates have been resilient, supported by transatlantic shipments, Asian naphtha demand and port congestion in West Africa,” Deutsche Bank said in a research note.
Ex-Xihe ships
The duo was earlier in the fleet of Ocean Tankers as the Ocean Quest (renamed Ampleforth) and the Ocean Unicorn (renamed Wellington).
In December 2020, Union Maritime bought the younger ship for $15.7m and the older for $15.3m as part of Xihe Holdings’ fire sales.
Union Maritime is UK’s biggest independent tanker owner with a fleet of 60 ships. The low-profile company was founded by Laurent Cadji in 2006.
Cadji has said about 40% of the company’s fleet is on time charters.
The company is primarily a tanker outfit, but earlier this month reportedly bought the 175,000-dwt bulker Cape Istanbul (built 2011) from Turkey’s Eregli Shipping for $19.1m.
It also made a move into the VLGC segment last year by ordering a 91,000-cbm ship at Hyundai Heavy Industries.
Union Maritime is expanding further in gas and has signed up for a 40,000-cbm gas carrier at Hyundai Mipo Dockyard this month.
The UK owner has two 113,000-dwt crude tankers on order at Cosco Shipping Heavy Industry Zhoushan.
Shell gets wind-powered ship
Separately, Shell chartered a third LR2 vessel from Buana Lintas Lautan of Indonesia this month.
Following the 108,000-dwt Thunderbolt and Thundercat (both built 2008), the major reportedly took the 109,000-dwt Timberwolf (also built 2008) at $14,500 per day with a profit split element.
The Timberwolf, which was previously owned by Maersk Product Tankers, is one of a handful in the world installed with rotor sails.
Neither Union Maritime nor Shell responded to requests for comment.
