Stena Bulk has fixed two MR tankers managed by compatriot player Wisby Tankers for another six to 12 months, market sources said.
The Swedish operator was reported to have extended the charters for the 49,900-dwt Wisby Atlantic and Wisby Pacific (both built 2017) at $15,750 per day.
Brokers estimate the prevalent one-year rate for an eco MR vessel at somewhere between $14,500 and $14,750 per day.
But the Wisby pair can carry both oil and chemical products, which may explain the higher rates.
Stena and Wisby executives confirmed the charters were renewed but declined to confirm on the rate information.
In 2016, Wisby ordered the two vessels from China’s Guangzhou Shipyard International on the back of three-year charters to Stena.
The Lidkoping-based player built the ships with a similar design to Stena’s IMOIIMAX vessels, helping the counterparty reduce operating costs.
Speaking with TradeWinds in 2018, Wisby’s fleet manager Peter Rubinstein said his company hoped to maintain a long-term relationship with Stena.
Later, Swedish shipowner Rederi Gotland acquired 80% of both ships. Wisby has continued to handle their engineering and crew management.
Listless trading
There have been a limited number of period fixtures in the tanker market recently, with spot earnings struggling to stay above operating costs.
Aside from the Wisby vessels, Stena has reportedly extended the charters for the 49,700-dwt Largo Energy (built 2014) and the Largo Evolution (built 2015) for five years at $15,000 per day.
Trafigura was reported to have fixed the 51,000-dwt Fantasia at $12,500 per day on a six-month charter, which can be extended by six months at $13,500 per day plus another six-month option at $14,500.
The trading house declined to comment on the fixture.
Looking forward, some believe that the coronavirus pandemic could continue to weigh down on market sentiment by curbing oil demand and movements, with major European economies entering national lockdowns.
“The news of various European counties re-entering lockdowns certainly did little to spark the product market back into life,” Braemar ACM said in a note.
“If anything, this news underlined charterers' hesitation on looking to take in vessels, as the medium-term outlook is looking weak, and that oil consumption is likely to stay low with new lockdown regulations.
“Charterers looking for tonnage are still mostly interested in high optionality or high flexibility.”
