John Fredriksen’s privately owned Seatankers Management Co Ltd has placed its first significant bulk carrier order in more than five years, opting for a newcastlemax bulk carrier agreement. The firm is reported to have committed to the construction of four newcastlemax bulk carriers, each with a deadweight of 210K DWT, at a cost of approximately $68 million per vessel. Seatankers Management Co Ltd has chosen to collaborate again with Qingdao Yangfan Shipbuilding for this new series of newcastlemax bulk carrier constructions. This move is part of an energetic beginning to the year for John Fredriksen’s primary private shipowning entity, Seatankers Management Co Ltd, which has seen considerable activity through substantial tanker orders and strategic investments in the offshore sector. Furthermore, this venture represents Seatankers Management Co Ltd’s inaugural venture into large-sized bulk carrier newbuildings since 2018. John Fredriksen’s family-owned Seatankers Management Co Ltd has once again chosen Qingdao Yangfan Shipyard for a significant newbuilding contract in the largest bulk carrier category. The Limassol-based company has committed to acquiring four 210K DWT newcastlemax bulk carriers, priced at approximately $68 million each, with scheduled deliveries in 2027 and 2028. This order follows an ambitious purchasing wave that began in 2024, when Seatankers Management Co Ltd secured contracts for up to eight conventionally fueled VLCCs from Dalian Shipbuilding Industry Co (DSIC), also set for delivery in 2027. This latest order for four newcastlemax bulk carriers marks Seatankers Management Co Ltd’s first investment in this vessel type since February 2018, indicating a significant expansion and renewal of their fleet capabilities. 13-April-2024
John Fredriksen’s privately held Seatankers Management Co Ltd sold 2013 built kamsarmax bulk carrier 81K DWT MV Sea Proteus, 2013 built kamsarmax bulk carrier 81K DWT MV Sea Venus, and 2013 built kamsarmax bulk carrier 81K DWT MV Sea Pluto for around $70 million en bloc. John Fredriksen controls one of the largest publicly owned fleets through the New York and London-listed Golden Ocean Group. But John Fredriksen additionally has around 40 bulk carriers owned privately and managed by Seatankers Management Co Ltd. Seatankers Management Co Ltd sells privately owned kamsarmax bulk carriers after taking a new building plunge. Seatankers Management Co Ltd pulled the trigger on up to eight (8) new vessel orders in China. Seatankers Management Co Ltd controlled MV Sea Proteus, MV Sea Venus, and MV Sea Pluto have special surveys due. 13-June-2023
John Fredriksen’s Seatankers Management Co Ltd has successfully arranged a time charter for its newly built newcastlemax bulk carrier, MV Golden Coral, with Koch Shipping Pte Ltd, which is part of Koch Supply and Trading. Although John Fredriksen and his company have a preference for operating vessels on the spot market, this deal signifies a deviation from their usual strategy. The agreement with Koch Shipping Pte Ltd secures a daily rate of around $20,000 for the charter of the 208K DWT MV Golden Coral, which was launched in 2019. This rate suggests the deal with Koch Shipping Pte Ltd, which demands vessels equipped with scrubbers, might yield modest profits. In late 2017, Seatankers Management Co Ltd committed to a significant expansion by ordering 10 newcastlemax bulk carriers at a cost of $44.5 million each, a decision that has seen the value of each ship increase by $13 million in today’s market. Seatankers Management Co Ltd has officially acknowledged the charter agreement for MV Golden Coral and expressed willingness to explore additional charter opportunities should they align with the company’s financial goals. Otherwise, the newcastlemax bulk carriers will be incorporated into Seatankers Management Co Ltd’s commercial pool. Of the 10 newcastlemax bulk carriers ordered, two have been delivered so far, with construction underway at Bohai Shipbuilding Heavy Industry and New Times Shipbuilding. 19-December-2019
John Fredriksen’s privately held Seatankers Management Co Ltd is profiting from the sale of a panamax bulker. Additionally, John Fredriksen’s fleet consists of newcastlemax bulk carriers, although the Norwegian shipowner Seatankers Management Co Lt is undecided about future sales. John Fredriksen’s interests have strategically ventured into the sale-and-purchase sector by selling the 2012 built panamax bulk carrier 76K DWT MV Sea Rising at a lucrative gain. MV Sea Rising falls under the control of Fredriksen’s privately owned Seatankers Management Co Ltd, which was sold to a Chinese buyer for around $14 million. Seatankers Management Co Ltd has confirmed the sale of this vessel constructed by the Yangfang Group. Seatankers Management Co Ltd announces that it has secured an admirable price for 2012 built panamax bulk carrier 76K DWT MV Sea Rising, with John Fredriksen achieving a profitable margin above its book value. Seatankers Management Co Ltd initially acquired the 2012 built panamax bulk carrier 76K DWT MV Sea Rising (ex MV Luyang Rising) for around $15.5 million from Qingdao Luyang in July 2015. John Fredriksen commands one of the largest publicly traded fleets through Golden Ocean Group, listed in New York and London. Furthermore, John Fredriksen personally owns and manages approximately 40 bulk carriers through Seatankers Management Co Ltd. John Fredriksen’s private fleet also includes six (6) newcastlemax bulk carrier new buildings at New Times Shipyard, along with four (4) vessels at Bohai Shipbuilding Industry that are scheduled for delivery in 2019 or 2020. These newly constructed vessels, equipped with scrubbers, were individually acquired for the modest amount of approximately $44.5 million. Based on shipbrokers’ estimations, there is a favorable potential for asset-play transactions involving these bulk carriers, as their perceived value ranges from approximately $57 million to $58 million each. Seatankers Management Co Ltd has confirmed the presence of purchase interest for the group of eight (8) vessels. Seatankers Management Co Ltd also confirmed that two of the newly constructed vessels are currently chartered out. Seatankers Management Co Ltd chartered out 2019 built newcastelmax bulk carrier 208K DWT MV Golden Coral and 2019 built newcastelmax bulk carrier 208K DWT MV Champion to IFCOR at a daily rate of $26,000. 12-September-2019