Swiss-based Advantage Tankers is making its debut in the LR1 arena by acquiring the last vessels of Nautical Bulk Holdings.
Advantage chief executive Tugrul Tokgoz confirmed in an email to TradeWinds that his company has agreed to purchase a trio of modern, scrubber-fitted eco-tankers consisting of the 75,100-dwt Nautical Sarah and Nautical Janine (both built 2019), as well as the 75,300-dwt Nautical Deborah (built 2018).
Tokgoz declined to comment on the price of the deal. Several brokers, however, reported that the Jiangsu Hantong-built ships are changing hands for $153m.
Data from market intelligence provider S&P Global suggests that the three sales leave Wilbur Ross-founded Nautical Bulk Holdings without any ships.
Nautical was formed in 2013 as a partnership between Wilbur Ross & Co, Solus, Fearnley Advisors and Conti Shipping of Germany.
Ross was still in a key role at WL Ross & Co at the time. The legendary “King of Bankruptcy” later stepped away from many of his investments after he was named US commerce secretary in the administration of former US president Donald Trump.
Advantage has clinched long-term charter deals for the vessels with Trafigura.
According to market sources, their employment with the Swiss trading giant will start later in April, once Advantage has taken delivery of the three ships.
The exact duration of the charter remains unclear. Brokers, however, are reporting that Trafigura will be paying $28,500 per day for the vessels.
Market sources describe the Nautical trio as the “most eco” LR1s in the market right now, which would fit Trafigura’s energy transition strategy.
As for Advantage, the purchase represents its first known investment in LR1s.
Majority-owned by Nazli Williams, the company currently has six VLCCs, seven suezmaxes, three aframaxes, two LR2s and four MR1s on the water.
Its fleet is young, with an average age of 11 years.
Weighted by size, the Advantage fleet is even younger. Four of the company’s six VLCCs are dual-fuelled freshly delivered from Daewoo Shipbuilding & Marine Engineering in 2022 and 2023.
The company has recently ordered a pair of dual-fuel suezmax newbuildings, which DS Shipbuilding will deliver in the second quarter of 2025.
Once delivered, they will be trading as the 157,000-dwt Advantage Sierra and Advantage Smart (both built 2025).
