German owner Schulte Group has been revealed as the seller of two LR1 tankers that allowed Transworld Group of Dubai to enter the product sector.
The United Arab Emirates company said last week that it had acquired two 74,000-dwt product carriers that were renamed TTC Vidyut and TTC Shakti.
Brokers say these vessels are the Azurite and Amber (both built 2008) that TradeWinds reported offloaded in September for around $19m each.
Schulte does not comment on sale and purchase transactions.
VesselsValue assessed the tankers as worth around $22m each in September. They have dipped a few hundred thousand dollars since then, the valuation platform’s website shows.
Schulte’s tanker fleet now stands at 12 vessels.
All the remaining ships are of 25,000 dwt and below, built between 2008 and 2012.
Transworld said the Panama-flagged ships are trading in oil products and will be deployed in worldwide trades.
The focus now will be on the East of Suez market, the owner added.
“So the vessels will fix their initial voyages in the East; however long-haul moves to the West will be targeted basis market requirements,” Transworld said.
Under Navig8 commercial management
The group decided to appoint pools giant Navig8 Group to manage the pair.
They have been entered in the LR8 pool, which operates 14 ships, making it one of the leading pools for that size of tanker.
The vessels will be employed with a mixture of large trading houses and oil majors.
Transworld has 25 ships already, operating under brands such as Orient Express Lines and Shreyas Shipping.
The handysize bulkers operate under Transworld Bulk Carriers (TBC).
