Ionic Shipping has reportedly scored a three-year time charter for an aframax newbuilding in what is certain to be a profitable deal despite a slumping spot market.
The low-key Greek shipowner has fixed its 112,000-dwt Ionic Ariadne (built 2020) for three years to ExxonMobil at $25,500 per day, European shipbrokers said.
The deal for the Sumitomo-built tanker is expected to yield total revenue of $27.5m over the charter period.
The transaction comes as pressure on tanker rates in most segments means that shipowners now soon get little more than operating profit from running their ships in the spot market.
Clarksons Platou Securities assessed global average spot aframax earnings at $6,800 per day on Friday, down 31% over the past month amid tonnage oversupply.
Although this pressure is getting increasingly felt also in the time charter market, the Ionic Ariadne deal shows owners can still land profitable period deals.
The charter rate for the ship is somewhat higher than Oslo-based broker Fearnleys' assessment of $20,500 per day for a three-year charter of an aframax.
The Greek shipowner is listed with seven tankers, all aframaxes built between 2009 and 2020. Ionic did not respond to requests for comment and ExxonMobil does not comment on individual charters.
Ionic is primarily a bulker owner with 16 ships ranging in size from handysize to panamax. The Glyfada-based company expanded its tanker fleet sharply in 2018, buying four aframaxes from Mitsubishi Corp of Japan.
Ionic paid $112m to $115m in total for the tankers, which were built in 2006 and 2011.
The Ionic Ariadne is believed to have been ordered in April 2018 for some $42m to $43m,.
Ionic Shipping is known for strong relations with traders and other charterers and currently has tankers on charter to the likes of Clearlake Shipping, Trafigura and the Signal Maritime aframax pool.
Max Tingyao Lin and Harry Papachristou contributed to this story.
