NGM Energy has fetched a stronger-than-expected rate on a one-year deal for a 19-year-old suezmax tanker.
The Moundreas family company has chartered the 150,000-dwt A Symphony (built 2001) to Petco Energy of the United Arab Emirates. Some brokers said the rate was $37,000 per day, although others cite it at $35,000 per day.
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For a tanker of this vintage, a $37,000-per-day charter would show strength in the period market.
In the market's last reported fixture, Petco paid $37,500 per day for a one-year charter of a more modern tanker, the 159,000-dwt Olympic Friendship (built 2017).
Broker assessments for modern suezmax tankers have remained fairly steady in recent months, with Clarksons putting the rate for a modern eco-suezmax at $37,000 per day since November.
If done at the higher rate cited by brokers, the A Symphony transaction translates into $13.5m in revenue during the charter period. The Greek shipowner and Dubai-based charterer did not respond to requests for comment.
Enbloc deal
NGM Energy paid only $11.8m for the ship in April, when it was named the DS Symphony. The enbloc deal with Germany’s Dr Peters included the sistership DS Melody (renamed A Melody, built 2001), which was purchased for the same price and is now probably worth $15.5m.
The A Symphony is due for special survey in September 2021.
NGM Energy has a diversified bulker and tanker fleet with an average age of 13 years. It is expanding its fleet, having bought eight ships last year and sold two VLCCs and the 159,000-dwt tanker La Mer (built 1998).
It has a third suezmax, the 160,000-dwt Lion King (built 2000), in its trading fleet.
NGM Energy has two suezmaxes on order at New Times Shipbuilding for delivery next year. They are reportedly costing $56m each.
