Maersk Tankers has taken two super fuel efficient VLCCs on long-term bareboat from Cido Shipping.The vessels will be delivered from Universal Shipyard in Japan in November and December 2011 and will join the three newbuildings purchased from Great Eastern in May, Maersk confirmed, Tanker Operator reports. Once Maersk Tankers takes delivery of the newbuildings, the fleet will include 22 modern VLCCs – all claimed to be highly fuel efficient and able to slow steam at speeds down to 8.5 knots.
The two new vessels will also bring the average age of Maersk Tankers’ VLCC fleet down to 2.2 years, the company said.
According to broker reports, the challenging environment in the VLCC market is set to continue in the years to come as the market will remain oversupplied until 2014, Maersk said.
With reported VLCC rates as low as $5,000 per day, other shipping companies would probably have been put off from investing in this segment.
Explaining the move, head of crude Claus Grønborg said: “It is Maersk Tankers’ ambition to grow in the VLCC segment and become industry leaders - without adding to capacity. Securing existing high quality and fuel efficient vessels when the timing is right is a part of the plan, but like we have said before co-operation with other owners through pooling of vessels, or other forms of partnerships is also of interest.”
With the modern fleet and the benefits it brings to both owner and charterer, older tonnage should face a harder time going forward according to Grønborg: “In Maersk Tankers, we are in favour of scrapping older tonnage. We believe it is a need that will not go away; first of all because of the current favourable scrap levels but also because modern tonnage - like our two new VLCCs - is significantly more fuel efficient than vessels built in the 90s,” he said.
Both vessels were believed ordered in 2005 for $110 mill each. The bareboat terms also include purchase options, broking sources said.
The two new vessels will also bring the average age of Maersk Tankers’ VLCC fleet down to 2.2 years, the company said.
According to broker reports, the challenging environment in the VLCC market is set to continue in the years to come as the market will remain oversupplied until 2014, Maersk said.
With reported VLCC rates as low as $5,000 per day, other shipping companies would probably have been put off from investing in this segment.
Explaining the move, head of crude Claus Grønborg said: “It is Maersk Tankers’ ambition to grow in the VLCC segment and become industry leaders - without adding to capacity. Securing existing high quality and fuel efficient vessels when the timing is right is a part of the plan, but like we have said before co-operation with other owners through pooling of vessels, or other forms of partnerships is also of interest.”
With the modern fleet and the benefits it brings to both owner and charterer, older tonnage should face a harder time going forward according to Grønborg: “In Maersk Tankers, we are in favour of scrapping older tonnage. We believe it is a need that will not go away; first of all because of the current favourable scrap levels but also because modern tonnage - like our two new VLCCs - is significantly more fuel efficient than vessels built in the 90s,” he said.
Both vessels were believed ordered in 2005 for $110 mill each. The bareboat terms also include purchase options, broking sources said.