Pioneer Tanker — a Singapore-based subsidiary of China's Pioneer Logistics — has added three more MR1 product tanker newbuildings to its fledgling fleet.
The 34,800-dwt tankers Laphroaig (built 2021), Lagavulin, and Littlemill (both to be completed in 2022) have appeared on an updated fleet list on the company's website.
The vessels have been built at Fujian Mawei Shipbuilding and were originally ordered by Xihe Holdings.
Their addition brings the number of tankers under Pioneer Tanker's control to eight vessels, all of which have previous connections to Xihe.
Pioneer Tanker was launched in late 2021 when it bought two smaller Xihe product tankers — the 12,000-dwt Ocean Seal (built 2018), which has been renamed Longrow, and the 13,800-dwt Ocean Gurnard (built 2019), which is now trading as the Longmorn — from the liquidators of Xihe.
The company then added the 34,800-dwt Dictador (ex-Ocean Clover, built 2019), which was one of a series of 14 MR1 product tankers that Mawei was building for Xihe at the time Singapore-based shipowner collapsed in early 2020.
It followed this up by adding two sisterships at Mawei that are still undelivered. They were immediately delivered to Pioneer Tanker under the names Ardbeg and Bowmore.
Leasing deals
Chinese newbuilding sources revealed to TradeWinds that after Xihe collapsed, following the delivery of the first two ships, eight of the remaining contracts were quietly acquired by China's AVIC International Leasing for just over $25m each.
Five of these newbuildings were subsequently leased to Pioneer Tanker.
Several broking reports this week indicated that the Ardberg and Bowmore have been sold for $23.5m each, although tanker sources in Singapore believe it was an deal between AVIC and Pioneer Tanker.
Neither company could be reached for comment.
The other three newbuildings that AVIC bought have been registered to a clutch of Marshall Islands-registered companies with similar names. Asian tanker sources say the vessels are being operated by Seacon Shipping of China, a company better known in the dry bulk and ship-management sectors.
TradeWinds understands that Pioneer Tanker's aim is to be a pure market player. The company trades its new ships in the open market and does not have its own cargoes.
While new to tankers, parent Pioneer Logistics is a well-established shipping player using Singapore and China as its main maritime bases.
Chinese subsidiary Ningbo Zrich Shipping controls a fleet of 12 supramax bulkers, while Singapore-based Pioneer Bulk operates four bulkers.
Pioneer Line, which is also operated out of Singapore, runs a liner service between China, Singapore and Malaysia using containerships and multipurpose general cargo ships.
