OceanPal is breaking into the product tanker space with a mysterious vessel previously linked to Asian buyers.
The Palios family-controlled, New York-listed owner said on Tuesday that it had paid $27m for the 50,000-dwt MR tanker Zeze Start (built 2009).
Chief executive Robert Perri said: “The board’s decision to enter the product tanker space at this time marks an exciting development in the company’s corporate strategy to operate a diversified fleet amid continued optimism in the product tanker sector.”
OceanPal expects to take delivery of the vessel in the third quarter and will pay $18.9m of the purchase price in cash with the remainder in preferred stock. Reports the Zeze Start had been sold surfaced late last week, appearing in broker reports with buyers listed as either Indonesian or Vietnamese.
The seller was equally unclear: TradeWinds reported in 2021 that Oslo-based asset play shop Atlantica Shipping had purchased the vessel, although the Zeze Start had not been included on its fleet list for some time.
The company did not return calls and emails asking about the vessel.
Clarksons lists its beneficial owner as unknown and Equasis only lists its registered owner, Zeze Shipping, which has a forwarding address to manager Anglo-Eastern Shipmanagement.
But on Tuesday, OceanPal said the vessel was bought from a company controlled by one of its directors.
It has been approached for more details.
Product tankers have been performing strongly so far this year, due in part to reroutings away from the Red Sea and around the Cape of Good Hope.
Clarksons’ MR fleet weighted average hit $39,200 per day on Tuesday, an 18.2% jump from last month and a 17.8% rise week on week. The year-to-date figure is $37,700 per day, up from $31,300 per day one year ago.
Scrubber-fitted, eco-designed vessels sailing from the US Gulf to Continental Europe performed the best at $47,000 per day, above the year-ago figure of $34,300 per day.
The purchase grows OceanPal’s fleet to five ships, including one capesize bulker and three panamaxes.
Most recently, the company flipped the 177,200-dwt capesize bulker Baltimore (built 2005) to an unnamed buyer after signing a $22,000 per day charter extension with Singapore’s Richland Bulk.
The ship was reportedly sold for $18.3m.
On Monday, Greek brokers reported the sale of another MR, the 38,400-dwt Clotilde (built 2008).
However, market sources told TradeWinds that this information is not correct and that the ship’s Greek owner, Ancora Investment Trust, is continuing to trade the vessel with the conclusion of a new charter.
