The private Scorpio Group has in short order doubled the size of a new pool dedicated to handymax tonnage of 15 years and older.
New York-listed Castor Maritime has joined the Handy Plus Pool (HPP) with two recently acquired units while founding member Sea World Management of Monaco has expanded its original complement of four vessels to six.
Castor has contributed the 37,000-dwt Wonder Formosa and Wonder Mimosa (both built 2006), according to Ugo Romano, Scorpio's Dubai-based pools director.
The pair are among the five tankers Castor purchased from the fleet of Greek owner Eletson Corp in May in connection with that company's protracted discussions over bond debt. They were formerly known as Sikinos and Skyros.
Sea World, which had committed the pool's original four tankers in April, is now adding the 40,000-dwt Prince I (built 2006) and 36,000-dwt SW Cap Ferrat (built 2002).
“The Handy Plus Pool provides a compelling platform enhancing the trading opportunities for these vessels. The pool targets niche business in various markets including soft and palm oils, in addition to the usual clean and dirty trades," Romano said.
Some 37% of the world's handy fleet is aged 15 years or more, with 33% between 15 and 20 years of age, Clarksons data show. A further 36% is between 11 and 14 years of age, with a newbuilding orderbook representing only 2% of the fleet.
Those dynamics offer prospects for future growth, Romano said.
“We are very pleased with the enthusiastic response to the pool, and we are currently exploring prospects of cooperation with several aligned interested parties. Hence we do expect to see further consolidation," Romano said.
Sea World also remained upbeat on the alliance.
“According to the initial market reaction to the pool we remain strongly confident that our idea might produce further development," said Roberto Corvetta, Sea World chief executive.
As TradeWinds has reported, Scorpio has been on a concerted push to expand its pools under the leadership of Romano since the middle of 2020.
