BGN International has purchased the 2017-built Suezmax tanker Speedway from Greek owner CM Lemos for a cost of between US$98 million and US$99 million, a September 27 report stated.
The South Korean-built vessel has a deadweight of 158,600. It is 274 metres long, with a beam of 48 metres.
The purchase is BGN’s second Suezmax acquisition since the company entered the crude tanker market in July of this year.
BGN bought the 2016-built GH Holiday from Hayfin Capital for more than US$80 million in July and renamed the vessel Bella First. The company is also in talks to acquire a third Suezmax ship, the report said.
Compass Maritime Services indicated a value of US$89 million for a 10-year-old, 160,000DWT Suezmax ship in its September 21 weekly report, against US$105 million for a five-year-old vessel of the same size. Speedway’s reported price is US$9 million to US$10 million above the 10-year indication and below the five-year benchmark.
The September report gave a 12-month time-charter indication of US$97,500 a day for a 150,000DWT Suezmax.
One-year Suezmax fixtures were around $75,000 a day in May, when Heidmar Maritime Holdings expanded its own crude tanker fleet.
BGN says its LPG shipping fleet comprises more than 40 vessels. The company also describes itself as the largest offtaker of LPG from the US.