Eurotankers adds another tanker to expanding fleet

Greece’s Eurotankers has added yet another ship to its steadily growing fleet, UK-based brokers report.

Market talk says the Piraeus-based company has bought the 112,900-dwt aframax HS Carmen (built 2003) for $11.3m. (TradeWinds has since reported that Eurotankers actually purchased another ship, Ridgebury Tankers' 105,000-dwt Ridgebury Sally B (built 2003), for $11m.)

Some brokers have also identified Greek peer New Shipping as the buyer of the HS Carmen, but managers at the Adam Polemis-led company are dismissing that information.

The HS Carmen is one of the biggest units in the shrinking fleet of Germany’s Hansa Treuhand.

Elias and Michael Gotsis-led Eurotankers has been expanding at a rapid rate, making eight confirmed tanker purchases since March 2016 for an estimated total outlay of about $140m.

The latest purchase would bring Eurotankers’ total spending to about $150m, making it one of the busiest Greek buyers in the secondhand market for tankers.

Eurotankers, which did not respond to a request for comment on the HS Carmen before TradeWinds went to press, seems to be relatively agnostic about the kind of vessels it buys. Its purchases have ranged from product tankers to crude carriers and from panamaxes to suezmaxes — and they even include a VLCC and a small asphalt carrier.

The 13 tankers the company is currently managing have been built in Chinese, Japanese, Korean and Croatian yards and have an average age of about 15 years.

Eurotankers apparently waits until its vessels are at least 20 years old before it considers shedding them. Last year, it sold two tankers, which eventually went for demolition — the 93,000-dwt Genie (built 1993) and 70,000-dwt Arietis (built 1997).

The company's Gotsis family has acquired all of its tankers on the second-hand market. Interestingly, it has followed the exact opposite strategy with the three handysize bulk carriers that also form part of its fleet.

Eurotankers has been trading its three handysize bulkers since they were new, after ordering the units at China’s Samjin Shipbuilding and gradually taking delivery of them between 2011 and 2013.

This story has been amended since publication to reflect that Eurotankers has actually purchased the Ridgebury Sally B.

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