Petrobras has swept into the MR market for a series of 10 tankers on period contracts, with a second round of fixtures also anticipated.
Laurent Cadji’s Union Maritime and Idan Ofer’s Eastern Pacific Shipping are supplying half of the ships in the initial phase, with Greek shipowners including Anthony Comninos and Stena Bulk of Sweden also set for a slice of the cake.
Market sources said the Brazilian oil major is taking tankers to replace a previous round of chartered ships rather than as part of a major fleet expansion.
Stronger levels
The government-controlled company's move comes at a time of intense interest in tanker time-charter activity, given incoming IMO 2020 regulations are expected to disrupt the market and send rates to stronger levels.
However, while the figures Petrobras is paying are seen as firm, the rates are also said to reflect the higher operating costs associated with working in Brazil.
Petrobras is understood to be taking a total of 10 tankers on deals spanning two firm years with an option for a third, according to multiple sources.
Three of those vessels are understood to be coming from Union Maritime, the rapidly growing UK owner: the 50,000-dwt Grand (built 2008), St James and Anfa (both built 2010). Brokers placed rates on all three ships at $16,200 per day.
Union has a strong presence in the MR market, with 15 of the ships in a tanker fleet of more than 40 vessels.
Double for East Pac
Ofer’s Eastern Pacific is sending two of its MRs to Brazil. The 50,000-dwt Pacific Onyx and Pacific Zircon (both built 2010) were said by some sources to be fixed at $16,500 per day for the firm period, rising to $17,900 per day for the optional year. Other sources placed the rate at “close to $20,000 per day”.
Comninos-led Horizon Tankers, which has a fleet of eight MRs, is believed to have fixed the 50,300-dwt Horizon Armonia (built 2008) to Petrobras at $16,300 per day for two years, potentially rising to $16,900 per day for a third year.
Spring Marine Management has also won business. Its 46,000-dwt Mambo (built 2008) will earn $16,250 per day for the first two years, with an improved $17,000 per day arriving if the option is taken, sources suggested.
A third Hellenic shipowner, Samos Steamship Co, has fixed the 50,100-dwt Mariposa (built 2010) to Petrobras at $16,300 per day, brokers suggested.
Stena Bulk, a major crude and product owner, is also understood to be on the Petrobras ticket. Its 65,200-dwt Stena Progress (built 2009) will collect $17,500 per day.
Second round expected
Other major shipowners that have been linked to the Petrobras work include Maersk Tankers and Opera of Greece.
Tanker sources told TradeWinds it is not yet clear which of the deals are firm and which have seen subjects lifted.
However, all agree Petrobras will be back for more tonnage, with a second round of 10 vessels anticipated this year.
A Petrobras spokeswoman was researching the matter and was not immediately able to offer a confirmation.
The rates paid by Petrobras are higher than the present spot market, which sat at $10,600 per day at the start on this week, according to Clarksons Platou Securities. The vessels have averaged $15,800 per day this year.
Trond Lillestolen and Irene Ang also contributed to this article
