A new Nordic investment venture has moved into the VLCC sector with the purchase of a Greek tanker.
Investment bank Fearnley Securities acted as the sole arranger for the deal involving Sweden’s Energifonden Sverige and Norway’s Njord Shipping.
The 319,100-dwt Captain X Kyriakou (built 2013) has been sold by Greece’s Athenian Sea Carriers, the tanker company of the Kyriakou family, its last big crude carrier.
The ship has been renamed the Agneta Pallas III.
Hakon Frederic Rosaker, of Fearnley Securities’ project finance team, said: “A special thanks to our investors and those involved in the closing and takeover — a very efficient process indeed.”
Energifonden, owned by Fredrik Johansson, said the ship has been flagged in Liberia.
It has been delivered to the company’s new subsidiary Pallas Tankers.
The vessel is at anchorage in Mumbai, India.
Energifonden chief executive Johansson told TradeWinds: “I inspected the vessel myself before we purchased it, which was found in excellent condition.”
He explained Pallas Tankers has bought the vessel and Njord Shipping is a part-owner.
Energifonden is also the commercial manager.
“Energifonden intends to grow within this segment,” the CEO said.
The scrubber-fitted VLCC will transport crude oil in worldwide traffic for a large international trading firm, the fund added.
“The order book for this type of vessel is the lowest for many years and the tonne-mile will increase due to geopolitical effects etc, which means that Energifonden is bullish for this type of ship and crude oil transport in general in coming years,” the company said.
Johansson added: “I am very grateful and extremely happy about this blessing that is now raining down on Energifonden with this vessel acquisition. Energifonden looks with great confidence in the market for this type of vessel.”
Good returns
The boss said he is convinced that in the future the tanker will generate good returns for investors and shareholders.
Njord CEO Henrik Ness told TradeWinds Energifonden is the largest shareholder.
“We will take positions wherever we find opportunities, large or small vessel,” he added.
But he said this particular venture is a single-purpose project with no current plans to increase the exposure
TradeWinds reported the potential sale of the VLCC in September at $80m to a Norwegian fund buyer.
The HD Hyundai Heavy Industries-built vessel had just passed a special survey.
Clarksons reported in October last year that the ship was fixed by Trafigura for 12 months at $50,000 per day.
In 2022, Energifonden returned to tanker ownership after a brief absence with a deal in Norway.
Its wholly owned subsidiary Energifonden Maritime in Oslo acquired the 113,500-dwt Solviken (built 2007) from Viken Shipping and renamed it the Agneta Pallas 2.
The sale by Athenian is the final piece in a long-term strategy to transform it from a VLCC owner to a chemical tanker player.
Named after Xenophon Kyriakou, the father of Athenian’s late founder Minos Kyriakou, the Captain X Kyriakou was the last remaining vessel in a VLCC fleet that has been steadily shrinking through a string of sales over the past few years.
The buyers of the VLCCs Athenian sold in this period included Greek peers Thenamaris, Capital Maritime, Altomare and Eurotankers, as well as South Korea’s Sinokor.
Athenian has been investing these proceeds into a wide-ranging newbuilding programme to build a presence in a different market segment.
Chemical tanker fleet on order
TradeWinds has been reporting since March 2023 about the Jens Martin Jensen-led company gradually extending a chemical tanker orderbook in China.
Athenian’s fleet list currently features 10 such vessels under construction at Wuchang Shipbuilding.
The 18,500-dwt tankers are due for delivery between 2025 and 2027. The first eight ships that Athenian ordered last year were reported to cost about $30m each.
In July, TradeWinds reported that Oslo-based Njord Shipping had sold two of its handysize bulkers.
The 36,900-dwt sister ships Voge Emma and Voge Mia (both built 2011) went for $30.6m combined, Ness confirmed.
The company has largely been focused on selling over the past two years, moving seven ships out of its fleet since April 2022.
It lists 18 ships in its fleet, with six handysizes remaining.
It also has three supramaxes, six multipurpose vessels and three smaller tankers.
Njord Shipping, set up in 2016, is 75% owned by Glastad Holdings as the disponent owner, lead investor and commercial manager of its ships.
Njord and Energifonden have been contacted for further information.
