Parakou, which is joining with Cambridge Capital, said in regulatory documents it will grow its fleet from eight to 28 medium range tankers by the close of 2017.
Its plan features a string of four resales from Peter Livanos-led Ceres Shipping, negotiations for a further eight newbuildings, two second hand buys and four bareboat deals.
Parakou, which was as the centre of radical expansion rumours in recent weeks, is negotiating the purchase four SPP Hulls.
