Chemikalien Seetransport cleans out Expedo fleet with deal for LR1 quartet

Chemikalien Seetransport cleans out Expedo fleet with deal for LR1 quartet

Hamburg-based shipowner Chemikalien Seetransport (CST) has acquired four LR1 tankers from Expedo Ship Management, according to broking sources.

Both Advanced Shipping & Trading and Seasure Shipbroking report that CST has done a deal, currently on subs, for the 2005-built New Century, New Challenge, New Champion and New Confidence. A price has yet to be revealed, with VesselsValue putting a market value on the quartet at $35.77m.

The four New Century-built vessels are the only vessels in the Expedo fleet currently. The company was founded by Hsu Pang-You in 1951, and is headquartered in Monaco.

If the deal is completed, CST’s fleet will rise to 19 tankers on top of the eight owned by subsidiary Rigel Schiffahrts.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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