Denmark’s Dee4 Capital Partners has revealed that Helikon Shipping Enterprises as the joint venture partner behind four MR product tanker newbuildings.

The Greek-controlled, London-­based company and Dee4 have booked those 50,250-dwt vessels at Hyundai Mipo Dockyard via their H4 venture.

The ships, ordered on behalf of Helikon’s clients between October 2020 and June 2021, are due to be delivered between January and September 2022.

They are named the Dee4 Ilex, the Dee4 Juniper, the Dee4 Kastania and the Dee4 Mahogany. All are flagged in Liberia.

One of the ships has secured a charter contract from Stena, Dee4 said in a recent statement without disclosing further details.

The private equity-backed shipowner declined to comment on the newbuilding price for the MRs.

In March, TradeWinds reported Dee4 ordered three MRs from Hyundai Mipo for $34m to $35m each with unknown partners.

Dee4, launched by Carsten Mortensen and Freddie Lee in 2019, has focused on maritime investments in the MR segment.

Earlier this month, the owner took delivery of the 49,000-dwt Nord Valiant (built 2016) and renamed it Dee4 Larch.

The ship was bought from Top Ships for $26.5m on debt provided by Mizuho Marubeni Leasing, which has provided financing to Dee4 on its acquisitions of several vessels.

Dee4 founding partner Freddie Lee told TradeWinds he was optimistic about future market prospects.

“We believe the outlook for tankers is positive, to be driven fundamentally by increasing overall products demand and consumption as the world emerges from Covid-19, but also by geographical changes in global refinery capacity, the historically low orderbook and restrictions on further ordering due to newbuilding focus on other segments,” Lee said.

According to VesselsValue, secondhand prices for MRs in operation have fallen this year amid low spot earnings. But newbuilding contract prices have increased.

“Expectations of recovery have tended to be reflected in keeping asset prices from falling dramatically,” said Lee. “But the low earnings environment coupled with increases in bunker prices and a necessary focus on lowering emissions have certainly highlighted the critical importance of acquiring quality fuel-efficient tonnage.”

He added that 2021 has been a tough year for many in the sector, particularly those with high cash flow break-even levels.

“Dee4 has a prudent level of leverage across the on-the-water fleet and a good mix of charter cover and spot exposure,” Lee said.

When the newbuildings are taken into account, the owner currently has 11 MR product tankers on its portfolio.