A mixed trio backing new ship holding joint venture
Gunvor made a partnership with Dragnis and Maas Capital to form ClearOcean Tankers which has ordered 6 eco-friendly tankers
Gunvor Group has entered into a joint venture with Dragnis’ Oceangold Tankers and Maas Capital to form ClearOcean Tankers, a new ship holding company incorporated in Cyprus where the three partners hold an equal share.
The newco has entered into shipbuilding contracts with STX Offshore & Shipbuilding Co. For 4 MR2 product tankers, and with Daehan Shipbuilding Co for 2 LR2 product tankers, all to be delivered during the first half of 2019.
The newbuildings will be eco-friendly and scrubber-ready, in view of IMO’s new standard for lower global sulphur emissions from international shipping that will be implemented in 2020.
Clearlake Shipping, Gunvor’s wholly-owned shipping division, has entered into long-term time charters for the vessels and Oceangold Tankers is also acting as construction supervision and technical manager of the vessels. ClearOcean Tankers may acquire additional newbuilding, resale or second-hand crude oil or product tankers in the future.
“Expanding into vessel ownership and taking advantage of the historically low shipbuilding prices to contract eco-friendly, scrubber-ready newbuilding tankers represented an attractive opportunity. Teaming up with solid partners like Oceangold Tankers and Maas Capital enables us to control more vessels and to de-risk our investment” Jan Andersen, Head of Shipping at Clearlake, said.
“We are delighted with the establishment of a unique partnership that brings together one of the largest charterers of product tanker vessels in the world with in-depth market knowledge, a ship owning and management group with unblemished track record and a financial investor with a longstanding track record in shipping industry” John Dragnis, CEO of Oceangold Tankers, stated.
“This investment exemplifies our approach of acquiring top assets at a compelling price in partnership with top industry participants. We aim to invest together with leading and longstanding players and are excited about this new partnership” commented Mark Ras, Managing Director of Maas Capital Shipping.
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, metals and bulk materials from where they are sourced and stored to where they are demanded most, with strategic investments in assets (refineries, pipelines, storage, terminals, mining and upstream).
Oceangold Tankers is a management company established by Greek shipowning Dragnis family in 2007 and today operates 10 tankers internationally (5 MR2 product tankers, 1 Panamax crude oil tanker, 2 LR1 and 2 LR2 product tankers).
Maas Capital is a dedicated investor focused on Shipping & Intermodal, Oil & Gas and Renewables sectors.
Gunvor signed a10-year FSRU barge charter with Exmar
Exmar has executed for Gunvor a fully effective 10-year charter for the provision in Bangladesh of its floating storage and regasification unit (FSRU) barge and services, currently at Keppel Shipyard undergoing site-specific modifications after having been delivered from Wison Offshore and Marine in December 2017. The FSRU barge is expected to arrive in Bangladesh in the fourth quarter of this year and start operations after its full commissioning.
Currently, the FSRU has been fully paid by Exmar and the financing of the unit is under discussion.
As a leading global trader of LNG, Gunvor is keen to support the development of new LNG markets by providing reliable and efficient LNG infrastructure solutions. The floating solution developed and operated by Exmar is going to perfectly serve Gunvor’s long-term strategy, and the group is very satisfied with its first strategic move in the FSRU space in cooperation with Exmar.
The FSRU Barge is the first, newly built regasification barge in the world, built on a speculative basis by Exmar.