Prime Marine swoops for $214m product resale quartet

Prime Marine swoops for $214m product resale quartet

Athens: Brokers report that Greece’s Prime Marine has come in for four product tanker resales, shelling out a total of $214m.

Prime Marine is paying Navig8 $53.5m per unit for the 73,800 LR1 product tankers being built at STX Offshore & Shipbuilding in Korea for delivery later this year and in early 2016.

Prime Marine declined to comment when contacted by Splash.

The deal nets Navig8 around $5m profit per ship from the contract it signed with the Korean yard last year.

As well as product tankers, Prime Marine’s fleet includes LPG and chemical tankers. Its fleet now stands at more than 2.5m dwt.

Product tanker operators have reported very strong earnings so far this year.

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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