The 298,000-dwt Algarve (built 1999) pulled outof Tankers International (TI) late last month after the Belgian owner concludeda $35.9m sale to a third party, which intends to convert the unit to a floatingproduction, storage and offloading unit.
Theoperator could lose Euronav’s 291,000-dwt TI Guardian (built 1993) in the comingweeks as well if the Danish KS (limited partnership) thatcontrols the ship moves forward with a transaction backed by a Greek buyer.
Brokerssay the vessel is in the process of being sold to Libra Shipping in a dealworth between $20 and $22m but note negotiations are said to be ongoing,a claimsupported by what the Guardian's owner told TradeWinds when contacted last week.
Today a TI spokesman confirmed therecent redelivery of the Algarve but declined to comment when asked about how it is combating what appears to be a more pressing issue- uncertainty surrounding the financial futureof Overseas Shipholding Group.
The loss of tonnage, lacklustre rate averages at the start of the fourth quarter, concerns about oneof its largest participants and the conclusion of a lucrative contract of affreightmentwith Unipec of China have prompted questions about what the group can do to shieldits fleet from poachers in the pool arena.
At last check theoperator listed OSG, Euronav, Athenian Sea Carriers, DHT Holdings, GC Tankers,Oak Maritime, Reederei Nord Limited, and Salamon AG as participants in a poolcomprised of 37 vessels as of 31 October.
TI is based in the UKbut also maintains a chartering desk in New York-listed OSG’s Manhattanheadquarters and and is led by Jonathan Lee,who was installed as chief executive after leaving Euronav, where he served asa commercial director, earlier this year.
