J Ludvig Mowinckel has provided insight for the first time on reports that the company is in the process of ordering a series of suezmax tankers at China’s New Times Shipbuilding.
TradeWinds reported in June that the Norwegian shipowner was working with Fearnley Securities on a $53m private placement for the project under the flag of Mowinckel Crude Tankers.
The deal would see the company order for two firm vessels for delivery in 2022 plus two options, with each ship costing in excess of $52m. Mowinckels would likely take 25% stakes in the vessels and become commercial manager.
'Good position'
“We are in a good position to make use of the opportunities that today's markets are offering, and we are finding the suezmax segment interesting,” company chief executive Geir Belsnes said.
“It is true that we are looking at bringing in external investors into a new project, but so far no far no agreements are concluded.”
The Bergen-based company is owned by charitable trusts. The company was started in 1898 by the three-time Norwegian Prime Minister Johan Ludvig Mowinckel.
Currently, it owns a 50% stake in a panamax bulker, a 50% stake in a supramax bulker and a 50% stake in a suezmax tanker.
Movinckels had a book equity of $36.4m at the end of 2019 and a pre-tax profit of NOK 79,000 last year.
