Viken Shipping has expanded its fleet with the purchase of three handysize tankers as it moves into the segment for the first time.

Hans Olav Lindal, chairman of the Bergen-based shipowner, confirmed that the company has purchased the 37,000-dwt Yukon Star, Orinoco Star (both built 2009) and Zambezi Star (built 2010) from German limited partnership (KG) companies managed by Rigel Schiffahrts.

He declined to comment on the price for the Hyundai Mipo Dockyard-built tankers.

They are likely to have changed hands for for some $48.5m in total, according to market sources.

This is Viken's first investment in handysize product tankers, as the company primarily concentrates on larger tankers.

“We do not have a specific growth strategy within this segment in particular, but the investment fits in well in our and Wallem’s portfolio development,” Lindal said.

Technical management of the three tankers will be handled by the Hamburg office of Wallem, which is owned by Viken.

Viken’s commercial philosophy is to fix out its ships on long-term contracts to quality operators. The purchase of the three Rigel tankers is backed by long-term, rolling time charter arrangements, but Lindal declines to reveal details.

The company owns 20 tankers ranging in size from 12,800 dwt to 156,000 dwt. In May, the company sold its oldest tanker, the 12,800-dwt Angleviken (built 2005), to Petrovietnam for $7.1m. The company is thought to be also selling the 12,800-dwt tanker Askviken (built 2005).

Many of its tankers are owned by joint venture companies. For example, ]Viken set up Viken Crude together with Bergen-based Frederik Mohn. In 2016, it ordered two aframaxes and a suezmax tanker at Samsung Heavy Industries. These are fixed long term to Total.

Viken has also linked up with MOL and sold 50% of its bowloading activities in Brazil to the Japanese giant. This venture has five shuttle tankers on charters to Transpetro.

The Tom Chr Steckmest-controlled Viken also owns the 159,000-dwt tanker Vinga (built 2012) on a 50/50 basis with JL Mowinckels Rederi in Bergen.