Eastern Pacific tipped as buyer of Mitsubishi aframax quartet

Eastern Pacific tipped as buyer of Mitsubishi aframax quartet

Japan’s Diamond Tanker, part of Mitsubishi Corporation, has found a buyer for four of its aframaxes. Brokers are tipping the aggressive Idan Ofer- controlled Eastern Pacific from Singapore as the buyer of the Diamond Faith, Diamond Eternity, Diamond Destiny and Diamond Bliss for an en bloc price of $110m.

It is understood a number of parties put in bids for the four Japanese-built tankers.

In its latest weekly report Clarkson Research said of the $110m sale: “Whilst this price largely follows expectations, we at least now have some activity to validate these perceived levels (and we understand that a number of established players were competing at price levels just below). This will come as no surprise given the lack of sales candidates of this vintage in the market, and lots of traditional players are looking to invest at close to historically low price levels.”

Mitsubishi – as its famous logo illustrates – means three diamonds in Japanese. The trading house operates Diamond Tanker out of Singapore.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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