M Sea Capital lining up product tanker trio
Shipowner set to expand product tanker presence with $30m plus purchase.
By Andy Pierce (Tradewinds Article)
Fri, 25 May 2018 08:21:38
Modi Mano’s M Sea Capital is believed to be closing in on its second significant tanker transaction in six months.
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The shipowner is being linked with the purchase of three vessels from BP Shipping to follow up from a double buy from LGR di Navigazione last December.
Market sources suggest the vessels in M Sea’s sights are the 47,000-dwt British Tranquility, British Serenity and British Courtesy (all built 2005).
TradeWinds reported last week BP was selling the tankers at $10.7m each.
M Sea Capital typically trades its vessels on long-term contracts and brokers expect the latest trio will also been fixed on period deals.
The shipowner has made its move at a time when the product tanker market is widely believed to be in a recovery phase, backed by both improving supply and demand scenarios.
Last December brokers reported M Sea Capital to have purchased the 50,000-dwt Cenito (built 2009) and 53,000-dwt Posillipo (built 2010) from LGR di Navigazione.
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Brokers say those vessels now have contracts in place with Trafigura.
While M Sea Capital is best known for its tanker activities, it is also active in the dry cargo market. Its fleet runs to around 20 ships.
It was not possible to reach M Sea Capital for comment on the latest deal.
The company has done business with BP in the past, buying two tankers from the oil major in 2014.