Dubai Navigation, the Lakhani family’s shipowning unit, is looking to take advantage of current low prices in the sale and purchase market to acquire more tanker assets.
Established in 2017 to invest indry bulker and containership assets, the company entered into the tanker market earlier this year after the acquisition of three 115,400 dwt LR2 tankers from Norwegian owner Viken Shipping.
The three ships have been renamed Dubai Horizon, Dubai Harmony and Dubai Hope and have been chartered to MISC’s AET for three years with a one-year option.
Lars Juul Jorgensen, CEO of Dubai Navigation, said the company’s current focus is to purchase aframax/LR2 and suezmax tankers as the segment appears to have bottomed out.
“We perceive this situation to be the most opportune time for developing our core fleet. Dubai Navigation has set a value based criteria identifying ships for acquisitions. All ships built at reputable yards, with proven design and well established performance track record, signifying attractiveness to the charter market as well as being considered liquid assets in the secondhand market,” Jorgensen said, adding that the additional benefit in this segment is the strong counterparts being predominately major oil companies.
Before joining Dubai Navigation, Jorgensen was managing director at shipbroking house Lorentzen & Stemoco (Athens).
Dubai Navigation currently owns a fleet of eight vessels, made up of three bulk carriers, two containerships and three tankers, all of them have been fixed with charter commitments.