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Metrostar buys tanker and bulker from Seaarland

Metrostar Management Corp has a deal on subjects to buy a panamax bulker and an aframax tanker from Netherlands-based Seaarland Shipping Management.

The bulk carrier Tiare (83,700 dwt, built 2009) has been priced at $17.5m and the tanker Elia (115,400 dwt, built 2006) at $35m, brokers say.

If the deal goes through, the two Japanese-built ships will become the first Metrostar-owned vessels on the water since June 2014.

Earlier this year, the Greek company sold four VLCC newbuildings under construction at Hyundai Heavy Industries to Euronav for $96m per vessel or $384m in total. Metrostar still has four VLCCs being built at the South Korean shipyard.

Seaarland’s fleet now stands at two post-panamax bulkers and eight product tankers of between 113,000 dwt and 34,500 dwt.

In July 2011, Seaarland’s affiliate Marco Polo Seatrade BV filed a voluntary petition for reorganisation under Chapter 11 in the US Bankruptcy Court for the District of New York.

By mid-August that year, the bankruptcy request was withdrawn after Marco Polo reached an agreement with its creditors Credit Agricole and Royal Bank of Scotland.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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