Economou doubles down

A Greek shipping mogul’s appetite for exposure to the spot market appears to be on the rise.

Market sources tell TradeWinds that George Economou’s private shipping interests have committed another tanker to Heidmar’s VLCC pool.

The enrolment of the 301,200-dwt Universal Brave (built 1997) in Seawolf Tankers follows the recent addition of a sistership, the Universal Prime, to the same stable.

Several industry observers have billed the freshly-minted tonnage commitments as a “well timed endorsement” from one of the shipping industry’s brightest stars.

A reputable market source tells TradeWinds that the Heidmar co-owner has now enrolled “all of his available VLs” in the pool and “believes in the spot market”.

The same individual claims the addition of the Universal Brave and Universal Prime serves as further evidence of Economou’s growing appetite for “volatility”.

While Heidmar has struggled to expand Seawolf in the years following the withdrawal of VLCCs owned by US compatriot General Maritime Corp a source with ties to the Connecticut-based operator say efforts to “develop” the pool have been “productive” as of late.

Contacts at the company tell TradeWinds that the stable boasts a “working strategy”, has been “performing well” and benefits from a “tremendous amount of information” that flows across crude desks committed to pools comprised of seven VLCCs, 20 suezmaxes and 40 aframaxes.