Gotland Tankers has reportedly chartered out four of its MR product tankers to Clearlake Shipping for two years.
According to several brokers, the four 53,100-dwt ice-class vessels have been fixed to Clearlake — the shipping unit of Gunvor Group — for about $12,000 per day each plus profit share.
Based on the charter terms, the Guangzhou Shipyard International-built Gotland Carolina (built 2006), Gotland Sofia (built 2007), Gotland Aliya and Gotland Marieann (both built 2008) will be delivered in the West-of-Suez market.
Maritime Strategies International's forecasts suggest the rate for the Gotland Carolina would be $12,200 per day in 2019, $12,400 per day for the Gotland Sofia, and $12,600 per day for the Gotland Aliya and the Gotland Marieann.
In 2020, the one year-rate for the Gotland Carolina is predicted to increase to $14,100 per day, to $14,300 per day for the Gotland Sofia, and $14,600 per day for the Gotland Aliya and Gotland Marieann.
Gotland, which is part of Swedish owner Rederi AB Gotland, and Clearlake had not replied to emails seeking comment at the time of writing.
Gotland’s fleet is made up of product tankers ranging from 39,000 dwt to 53,000 dwt in size, generally deployed in commercial pools or fixed out on period charters.
Rederi AB Gotland is one of the owners of Hafnia Management, which operates handysize and MR tanker pools.
Spot earnings of product tankers have been falling since last month with the ending of the peak demand season, but sentiment in the period market remains strong, with rising rates forecast for the coming quarters.
“There has been keen interest from charterers across the board," Braemar ACM says in a note. "It does seem that the market is split east [of Suez] versus west.
'Solid returns'
“The east [is] being well bid for time charters up to six months, as a launch cargo will provide you solid returns.”
The optimism results from forecast restocking of oil products, firm global oil demand growth and incremental tonne miles from the IMO 2020 rules, according to analysts.
“With OECD product inventories remaining below the five-year average, we continue to believe a multi-year cyclical recovery is on the horizon in 2019 and beyond as global oil demand growth and refinery capacity additions should combine to stimulate demand enough to easily outpace new refined products tanker deliveries,” Jefferies said.
“Additionally, with the IMO 2020 regulations starting in the first quarter of 2020, we expect the market to benefit from new trade routes and bunker fuel positioning during the back half of 2019.”
