Norwegian chemical tanker investor Tailwind Management has bought a pair of Japanese-built chemical tankers that had been in the fleet of US-based Transportation Recovery Fund in a fleet renewal move.
The Bergen company, owned by Petter Traaholt and Frank-Petter Kval, has purchased the 20,000-dwt TRF Kobe and TRF Kristiansand (both built 2016) for about $33m each, according to reports by Greece’s Xclusiv Shipbrokers and a US broking house.
Hansa Tankers chief executive Hans Solberg, whose company manages the vessels and is based in the same Bergen office building, confirmed that Tailwind has concluded the acquisition of the ships but declined to comment on the price.
Like most of the ships in the Tailwind fleet, the two vessels are J19-class stainless steel chemical tankers. Built at Japan’s Kitanihon Shipbuilding, they have scrubbers, which allow them to burn heavy fuel oil, and electronically driven “eco” engines, which boost fuel efficiency.
Hansa Tankers runs a pool of 35 stainless steel chemical tankers of between 19,000 and 33,000 dwt and has commercially managed the vessels for five years. It is the world’s fifth-biggest operator in the segment, where its fleet has an age profile of less than eight years.
Tailwind manages a stable of single-purpose companies that own 12 ships, after recently selling off three vessels and replacing them with modern tonnage, Solberg said.
TradeWinds has reported that the 33,600-dwt Skarven (built 2009), which was owned by Tailwind, left the Hansa Tankers fleet in a $29m sale. The handysize chemical tanker was sold to Hong Kong’s Taihua Ship Management, according to VesselsValue.
The valuation platform shows that Tailwind also sold the 20,000-dwt Livarden (built 2007), a J19 stainless-steel chemical tanker.
In December, Tailwind’s 34,600-dwt Rundemanen (built 2004) fetched $20.5m in a sale to Chinese interests, the VesselsValue data shows. Renamed Heng Hui Yong Wang, the tanker is now owned by single-ship owner Heng Hui Shipping.
New York-based Transportation Recovery Fund ordered the TRF Kobe and TRF Kristiansand at Kitanihon in 2014, as part of a series of four ships.
At the time, the company was part of the stable of companies controlled by billionaire Wilbur Ross, who would later become US commerce secretary under former US President Donald Trump. Transportation Recovery Fund is currently managed by Fearnley Advisors in Norway.
TradeWinds reported at the time of the order that the ships were estimated to cost $32m to $33m.
While that is roughly even with the latest secondhand sale price for the ships, the vessels were upgraded with scrubbers in 2019, according to shipping databases.
