Norway’s Bergshav Shipping will see earnings decline from an eight-year-old aframax tanker that it has on long-term charter from Harry Vafias-linked Stealth Maritime.
The company has chartered the 105,000-dwt Stealth Berana (built 2010) to US-based Penfield Marine for up to two years, confirmed Bergshav chief financial officer Andreas Hannevik.
European broking sources say Penfield has agreed to take the ship on a one year time charter with an option for a second year. Broker reports indicate the ship was fixed at $13,800 per day with the second-year option at $14,800 per day.
Penfield Marine chief executive Tim Brennan declined to say what the rate is. He says the company views that rates are at or near bottom and that “it is comfortable taking a ship for one year at the current levels.”
The tanker had been on a profitable time charter to Phillips 66 for 2.5 years at $25,500 per day, after having been taken on a five years bareboat charter by Bergshav and partners at $10,600 per day in 2015.
Grimstad-based Bergshav is managing owner and 25% shareholder in the limited partnership company that has the tanker on long-term charter. The entity was set up by Platou Project Finance.
Penfield also added the 105,000-dwt aframax Delos Voyager (built 2003) to its aframax pool from Greece’s Chemnav, marking the sixth partner and the eighth vessel in the Penfield pool.
The charters come amid slumping period rates for aframaxes, with Howe Robinson quoting year-long charters at $14,000 per day compared to $14,500 earlier this month.
But period charters are fetching far more than spot deals, with the Baltic Exchange quoting aframax time charter equivalent rates at just over $4,000 per day.
In the suezmax segment, Essar Shipping of India has chartered the 165,000-dwt Al Agaila (built 2009) from GNMTC of Libya.
The ship has been fixed for six months at $16,500 per day which is is line with recently concluded deals.
And Trafigura has chartered the 150,000-dwt Prudent Warrior (built 2017) from Polembros Shipping for the same period, presumably at the same rate.