Mare Maritime Singapore has plans to acquire 21 vessels from some of the world’s largest product tanker owners after withdrawing from Baota Petrochemical Group’s charter project, which could have significantly expanded its technically managed fleet.
As an initial step towards eventually buying an additional 50 to 60 LNG carriers and product tankers, the shipmanager and owner told TradeWinds that it would purchase 21 LR, MR and handysize product tankers.
“The plan is to have proper in-house, cost-effective asset management done by Mare Maritime Singapore to preserve the interest of the stakeholders involved,” the company said in an email.
Mare has found some pension funds as equity investors for the initial acquisitions, which are expected to be completed within weeks, according to company officials.
'Leader in shipping'
“As we grow and expand Mare Maritime to be the premiere leader in shipping in Singapore, we invite interested parties to take advantage of our cost-effective, long-term investment opportunities," the company said.
Further details are not immediately available, but TradeWinds understands that Mare could be in talks with Maersk Tankers and Hafnia Tankers for the 21 vessels. The two product tanker operators may continue to trade those ships via commercial management or time charter agreements, while Mare will manage the technical side.
In July, Mare signed a strategic cooperation agreement with Baota — a Chinese private refiner — over a project to lease 50 to 60 chemical and oil tankers on bareboat terms for four to 10 years.
At that time, Baota said Mare would be in charge of the fleet’s technical management, while Maersk Tankers, Hafnia, Scorpio Tankers, GEM and Valt could supply the tonnage.
Financial troubles
But, as TradeWinds reported last week, the project eventually fell through when Baota, which was planning to charter the ships for its supply chain requirements, encountered financial problems amid heavy cash outflows from investment and financing activities.
Maersk Tankers and Hafnia declined to comment on the potential dealings with Mare.
Mare has a fleet of eight LPG, product and chemical carriers under its technical management. According to various media reports, the company has been eyeing fleet expansion since it was founded in May 2014.
The private firm — which is not related to Mare Maritime SA, a shipmanager operating from Greece — declined to provide details of its financial backers. A regulatory filing from 2014 said Mare was wholly owned by chief executive Rohit Kapur.
