Private Ridgebury Tankers has taken its tally of vessel sales to eight this summer with two more disposals of ageing ships for a total of about $47m.
The Bob Burke-led owner has parted ways with the 166,500-dwt Ridgebury Captain Drogin and 50,000-dwt MR product tanker Ridgebury Saturn (both built 2007), with the sales going to unidentified Greek owners, according to a market source who was able to confirm the sales.
With its summer sales campaign, Ridgebury has now raked in about $207m in proceeds from the disposal of the octet.
The latest duo sold were both facing imminent dry dockings and installation of ballast water treatment systems, something that was also true of a trio of 2009-built MR tankers confirmed sold by the shipowner in early August.
The Ridgebury Captain Drogin fetched about $29m, a touch below a VesselsValue estimate of $30m. The Ridgebury Saturn brought in close to $18m, in line with a VesselsValue estimate valuing the tanker at $18.4m.
Westport, Connecticut-based Ridgebury has been approached for comment.
Ridgebury was confirmed less than two weeks ago to have sold a slightly older and smaller suezmax, the 146,500-dwt Ridgebury Mary Selena (built 2006), to Westport Tankers of Greece for $31m.
In June, it sold both of its VLCCs.
Ridgebury is backed by private equity's Riverstone Holdings and led by Burke, who is the former head of GE Capital’s ship finance division.
Its fleet is now reduced to eight suezmaxes and nine MRs.
Ridgebury capitalised on a resurgent product tanker market in early August to sell three 2009-built MRs to unidentified Middle Eastern buyers at a firm $22m each, a source confirmed then.
The private shipowner avoided the need to send the trio into dry dock in December, including installation of ballast water treatment systems that alone would cost about $1m for each tanker, the source indicated.
“But it also involves removing them from trading for about 30 days, which is tough in the middle of a peak market,” the source said.
The three MRs are the SPP-built, 50,000-dwt Ridgebury Rosemary E, Ridgebury Alexandra Z and Ridgebury Cindy A.
They were assigned a worth of about $20m each by VesselsValue.
Ridgebury bought the trio, plus a sister that was later sold on, from Yasa Shipping of Turkey in 2013 for a reported $29m each.
