Norwegian shipowner Trond Mohn is keeping hold of a trio of MR tankers for the time being after offloading two LR1s to Torm.
TradeWinds reported on Monday that Denmark’s Torm has snapped up seven product carriers from different owners.
Nyhill Shipping in Bergen, which is owned by Mohn’s Meteva, sold the 75,000-dwt Jo Provel and 73,800-dwt Jo Redwood (both built 2013) for a reported $36.6m and $34.2m respectively.
The ships were worth $23.6 and $22.1m a year ago, according to VesselsValue.
They have no loans attached, freeing cash of more than $70m after broker commissions.
“Debt-free, but guaranteed the dollar amount when purchased,” Mohn told Finasavisen.
Mohn still owns the 47,100-dwt Jo Kari (built 2007), 51,500-dwt NH Erle and 50,000-dwt NH Siri (both built 2010).
And the newspaper reported that he has no plans yet to sell these MRs.
The Bergen entrepreneur and investor is one of Norway’s richest men, and is the major shareholder in financial brokerage Arctic Securities.
He has interests in several industries, as well as a high political profile well to the left of his peers.
In shipping, Mohn’s ownership interests are mostly in shares of single-vessel entities through his investment vehicle Meteva, rather than at the corporate ownership level.
He is involved in product tankers, gas and offshore through stakes in vessels in the fleets of Rederiet Stenersen, LNG carrier owner Knutsen OAS Shipping and Island Offshore.
His son Frederik Mohn is also a significant shipowner through investment vehicle Perestroika, which is a shareholder in private tanker owner Viken Crude in partnership with Tom Steckmest.
Torm also bought the Hyundai Mipo Dockyard-built, 74,600-dwt Alpine Plymouth, Alpine Pearl and Alpine Pacifica (all built 2011) for $32.5m each from ST Shipping & Transport, Glencore’s shipping arm.
Johan Odvar Odfjell sells LR1s
And the Danish giant took the 75,000-dwt Jo Pinari (built 2012) and Jo Rowan (built 2013) from Norwegian owner Johan Odvar Odfjell’s Jo Shipping.
Odfjell, which sold chemical carrier company Jo Tankers to Stolt-Nielsen in 2016, retains shipping interests.
Jo Invest, owned by his company Farvatn Capital, has 3.72% of Oslo-listed chemical tanker owner Odfjell, and he still controls 50% of eight vessels that were part of the Jo Tankers sale.
Farvatn has confirmed the LR1 sales, but not the buyer.