Elite Tankship of Singapore has made its first shipowning move, acquiring a suezmax tanker from Indonesia’s Buana Lintas Lautan (BULL).

It has bought the 109,600-dwt LR2 product tanker Maza (built 2005) in a deal that sees Elite shareholder Essential Capital come on board as a joint owner of the ship.

Mangish Kakodkar, the company’s founder, co-owner and chief executive, told TradeWinds that the ship was handed over in Khor Fakkan in Sharjah on Friday morning and is being renamed Ruby Phoenix.