BoComm Leasing orders an additional 6 product tankers from a Korean shipyard

2017-07-24 09:00

According to Tradewinds, Bank of Communications Financial Leasing Co., Ltd. recently exercised an option for six additional 50,000 DWT MR product tankers at Hyundai Mipo Dockyard. Oil tankers MR type tankers ordered at Hyundai Mipo Dockyard product tankers The number of MR tankers ordered at Hyundai Mipo Dockyard has increased to 12.

In May this year, Trafigura Group, one of the world's largest commodity traders, revealed plans to charter up to 32 newly built crude oil and product tankers. These new vessels will be built by shipyards in China and South Korea. This order with Trafigura is a collaboration with Bank of Communications Leasing.

In April this year, Bank of Communications Leasing placed an order for six MR product tankers at Hyundai Mipo Dockyard. These new vessels are a joint order between Trafigura Group and Bank of Communications Leasing, and will be chartered by Trafigura. Specific details of the charter contract have not been disclosed; however, Trafigura has the right to purchase these MR product tankers.

In addition to MR product tankers, Bank of Communications Leasing has also ordered a series of Suezmax tankers and LR2 product tankers with Trafigura at shipyards in China and South Korea. Among them, New Times Shipbuilding received orders for four Suezmax tankers and four LR product tankers, while Hyundai Mipo Dockyard received orders for another four Suezmax tankers. Sources say that Bank of Communications Leasing has options for six new vessels at New Times Shipbuilding and four options at Hyundai Mipo Dockyard.

It is understood that the MR product tankers ordered by Bank of Communications Leasing cost approximately US\$32 million each, while the Suezmax tankers cost approximately US\$51.5 million each. The price of the LR2 product tankers has not been disclosed. These new vessels will be delivered between the end of 2018 and the end of 2019, with most deliveries scheduled for the first quarter of 2019.

Including this order, Hyundai Mipo Dockyard has received orders for more than 35 MR product tankers in the past six months, with a total value exceeding US\$1.12 billion. Relevant shipowners include Sea Pioneer, Chartworld, Fushin Kisen, Hisamoto Kisen, Masumoto Shipping, and Union Maritime.

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