Kyklades bags Metrostar VLCC bargains

Kyklades bags Metrostar VLCC bargains

Brokers confirm Greece’s Kyklades Maritime has taken the last two VLCCs on order from Metrostar Management.

Kyklades, owned by Aristides Alafouzos, has taken two 308,000 dwt hulls under construction at Hyundai Heavy Industries (HHI) in South Korea. The Crude Med and the Crude Progress, both due for delivery next year, have been bought for $83m each, a far cry from the original $97m Metrostar paid when it ordered a total of eight such ships at HHI last year. The two ships come with with a three-year time charter deal to India’s Reliance at $29,000 a day.

Of the remaining original eight-ship order from Metrostar, Euronav took four of the tankers with Frontline bagging the other two.

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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