Sinokor Merchant Marine has signed up for six 50,000-dwt product tanker newbuildings worth $222m in total at Jinhae-based K Shipbuilding — formerly STX Offshore & Shipbuilding.
Shipbuilding sources said the South Korean owner has ordered the sextet for delivery in 2023 against charter contracts from energy major ExxonMobil.
K Shipbuilding officials declined to comment on its newbuilding activities, citing contract confidentiality. Sinokor did not respond to requests for confirmation or comment.
A Singapore-based ExxonMobil spokesperson also declined to comment.
Shipbuilding sources said Sinokor is behind the six MR tanker newbuildings that were announced last month by the Jinhae-based shipyard.
No price has been disclosed but shipbuilding sources believe Sinokor will be paying between $36m and $37m each for the tankers.
The vessels will meet the International Maritime Organization's Energy Efficiency Design Index Phase 3 compliance standards for greenhouse gas emissions, as well as existing Tier III NOx standards.
The MR deal is the second tanker shipbuilding contract that Sinokor has booked with K Shipbuilding, and the second newbuilding charter contract it has sealed with ExxonMobil this year.
Aframax deal
In May, Sinokor was reported to have ordered up to four aframaxes from the then named STX Offshore & Shipbuilding after securing long-term charters from ExxonMobil. The deal was for two firm 109,000-dwt vessels and two optional ships.
Shipbuilding sources said Sinokor paid more than $50m each for the vessels.
Details of ExxonMobil’s charter contracts for the aframax and MR newbuildings have not been not disclosed but industry sources believe the term will be at least five years, with options to extend the hire.
K Shipbuilding is slated to deliver the aframaxes and the six MRs in 2023.
The charter deals have strengthened business relationships between Sinokor and ExxonMobil.
In 2019, Sinokor ordered four MR tankers at Hyundai Mipo Dockyard (HMD) on the back of charter contracts to the major.
The South Korean tonnage supplier was believed to have paid about $40m a piece for the quartet as they will have an IMO type 2 chemical rating, with multiple tanks and possibly phenolic-epoxy coatings.
HMD has since delivered three vessels — the Redwood Mariner, Pelican Mariner and Blue Grass Mariner (all built 2021) — and is due to deliver the last tanker, to be named Evergreen Mariner, soon.
South Korean merger-and-acquisition specialist KH Investment and United Asset Management Co paid STX Offshore & Shipbuilding’s creditors KRW 250bn ($223.4m) in February for a 95% stake in the shipyard.
The new owners officially renamed the Jinhae-based yard K Shipbuilding on 26 July.
