Navig8 Group has chartered five MR tankers from United Arab Chemical Carriers (UACC) that will enter its pool operation.
Brokers reported the chemical and product tankers were chartered for three years at $15,500 per day with options for one-year extensions.
The tankers are the 45,612-dwt UACC Manama (built 2010) and UACC Shamiya (built 2011), the 45,554-dwt UACC Riyadh (built 2011), the 45,293-dwt UACC Mansouria (built 2013), and the 45,249-dwt UACC Marah (built 2013). They all comply with the IMO's type 2 chemical handling standards.
With zinc-coated tanks they can do methanol. [Few] ships are around for this trade so theoretically they can get better earnings
Broker
All of the ships were delivered from South Korean yards when Jens Gronning, chief executive of group affiliate Navig8 Chemical Tankers, was the top executive of UACC.
Possible sixth ship
There could be a sixth ship involved but further information is not immediately available.
A broker described the deals were done at “a fair rate” and expected the vessels to be mainly trading in the chemical shipping market.
“With zinc-coated tanks they can do methanol. [Few] ships are around for this trade so theoretically they can get better earnings,” the broker added.
Navig8 Group currently operates 55 chemical tankers of various sizes in five pools, more than half of which are deployed by Navig8 Chemical, according to its website.
Extended deal
In July, Navig8 Chemical — backed by Navig8 Group and Oaktree Capital Management — renewed its agreement to put most of its vessels under Navig8 Group’s pool management for another 24 months.
TradeWinds reported the joint venture partners resolved their differences after Oaktree in June had initiated a high-level reshuffle that saw Gronning succeed Nicolas Busch as Navig8 Chemical’s chief executive.
Busch, a co-founder of Navig8 Group, resigned amid investor discontent with management due to defects of Interline 9001 coatings on some vessels in Navig8 Chemical’s fleet.
Before joining Navig8 Chemical’s board in January, Gronning was chief executive of UACC between 2008 and 2013 and held the same position at Team Tankers from 2013 to 2015.
