Gunvor has achieved a 50% return on its investment in two MR product tankers through a joint venture with Top Ships, according to the Geneva-based trading giant.
The 50:50 venture, which was established in 2017, sold the 49,703-dwt sisterships Holmby Hills and Palm Springs (both built 2018) in March and April separately.
While declining to offer more details on the transactions, Gunvor said they realised a profit of about 50% on its initial equity investments before costs.
“Gunvor’s strategy to expand into vessel ownership while taking advantage of historically low shipbuilding prices for eco-friendly newbuilding tankers is validated by these transactions,” the company’s shipping head Jan Andersen said.
“In doing so, we’re pleased to be partnering with some of the best shipowners in the market.”
As a 50% owner of the two vessels, Top Ships said it received cash totalling about $19.9m from the sales.
Clarksons data shows the Holmby Hills is sold to Oceanix Services while VesselsValue said Global Meridian Holdings is the new owner of Palm Springs.
TradeWinds has approached Top Ships for further comment.
Evangelos Pistiolis, founder and chief executive of the Nasdaq-listed owner, ordered the sisterships from Hyundai Vinashin in 2015 privately.
In 2017, Top Ships and Gunvor set up a venture to take ownership of the vessels as the trader planned fleet expansion.
As part of the deal, Gunvor subsidiary Clearlake Shipping agreed to charter the ships for three years with options for two more.
According to an exchange filing, the Holmby Hills was fixed at $14,600 per day for the first two years and $15,025 per day for the third.
The Palm Springs was chartered at $14,750 per day for the first 24 months and $15,175 per day for a further 12 months.
Through wholly owned subsidiary Just-C, Gunvor said it continues to hold 33% or 50% interests in 15 product tankers after the recent sales.
