KING PHILIPPOS

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BP timecharters tanker trio

BP has fixed a VLCC on timecharter and two LR2 tankers owned by Latsis-controlled Latsco Shipping. Latsco’s sisterships King Philippos and Lady Henrietta (both 111,800 dwt, built 2012) were chartered for 12-16 months at $28,250 per day, according to brokers’ reports. This is the highest reported rate seen in months for a year-long period charter. Both LR2 vessels have just concluded two years of employment with Vitol, for which they were both earning $17,000 daily. American Eagle Tanker’s VLCC Bunga Kasturi Lima (300,200 dwt, built 2007) for two years, plus a one-year extension option, for $42,500 per day. The fixture rate is ever-so-slightly lower than the last reported two-year VLCC timecharter, Andriaki Shipping’s Arion (309,500 dwt, built 2001), which was fixed to Shell for $43,000 daily on October 2. Nevertheless, what BP is paying is roughly in line with fixtures made in the flat but steady VLCC market that has followed July’s peak. http://splash247.com/bp-timecharters-tanker-trio/