Spetalen teams with Ofer and Economou for VLCC newbuild

Spetalen teams with Ofer and Economou for VLCC newbuild

Norwegian financial wizard and billionaire Øystein Stray Spetalen is entering the hot VLCC business, teaming up with two of the world’s most famous shipowners to grab a Korean resale.

The founder of Standard Drilling has formed an evenly split joint venture with Idan Ofer and George Economou and bought the 300,000 dwt Kiwi, a ship that is just being finished at Daewoo Shipbuilding & Marine Engineering (DSME).

The scrubber-fitted ship was originally ordered by Hartree Partners in May 2018 for $83.5m and has now been bought for $105m. Hartree is also believed to have offloaded another DSME newbuild VLCC, called Lady, to Korean interests for a similar price, according to a number of broking reports.

Spetalen, 57, has a huge range of investments across many industries including sitting on the board of Saga Tankers. He is also a significant shareholder in Okeanis Eco Tankers and Hunter Group.

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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