New Iraqi tanker owner nabs BW VLCC resales

New Iraqi tanker owner nabs BW VLCC resales

Brokers are linking fast emerging Iraqi tanker player Al-Iraqia Shipping Services & Oil Trading (AISSOT) with a resale pair of VLCCs.

AISSOT – a joint venture between Iraqi Oil Tanker Co and Arab Maritime Petroleum (AMPTC) founded last year – is understood to be paying $88m per unit for two scrubber-ready VLCCs that Singapore’s BW Group ordered in May last year. The 318,000 dwt ships are due to deliver from South Korea’s Samsung Heavy Industries in October and December this year.

Splash understands Andreas Sohmen-Pao-led BW is netting around $3m per ship from the deal.

BW ordered four VLCCs with options at Samsung Heavy last May, its first VLCC orders since selling its VLCC fleet to DHT Holdings in return for a majority stake.

Prior to the BW deal, AISSOT’s biggest partner in shipping had been Evangelos Marinakis’ Capital Ship Management, which has managed to charter a total of four VLCCs on long term charter to the new Iraqi company in recent months.

Established in August last year, AISSOT is also involved in trading of petroleum products, ship chartering, oil terminals, and bunkering.

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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