JP Morgan linked to product tanker resale quartet

Several broking reports have details of active banking giant JP Morgan proceeding with its second deal this month.

Last week JP Morgan went for dry tonnage, widely reported snapping up a 2016-built capesize. This week the financial player is reported tempting a Chinese fund called White Whale with $152m, closing in on four popular medium ranged tankers.

Talks surround the 50,000 dwt series named Hy Spruce, Hy Ginkgo, Hy Cedar and Hy Oak. All ships are under construction at a yard under the China State Shipbuilding Corporation umbrella, Guangzhou Shipyard International. Two of the ships will hit the slipway shortly, while the other two are scheduled for delivery in 2023.

The seller has timed the market well, ordering for significantly less than the reported sales price. The buyer of the ships, meanwhile, is hoping to catch the ongoing upturn in this segment with reported fixtures breaching the $100,000 per day barrier in recent weeks as trading patterns adapt to the ongoing war in Ukraine.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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