Trafigura offloads MR tankers in sale and leaseback deal

Swiss commodity trader Trafigura has sealed a structured sale and lease back deal with China’s Bank of Communications Financial Leasing for five newbuild MR tankers.

Trafigura, which has around 50 tankers on time charter at any given time, ordered the 50,000 dwt vessels from Guangzhou Shipyard in 2013.

Rasmus Bach Nielsen, global head of wet freight for Trafigura, commented: “The sale and lease back of the vessels concludes an entry and exit for now in owning product tankers for Trafigura.

“The ships were bought at low entry levels and we saw an opportunity to sell now. While we have a significantly growing cargo programme it is not a must for us also to own the steel. This is our first transaction with BoCom Financial Leasing and we look forward working with them in the years ahead.”

Trafigura said that the vessels were delivered to the Chinese bank at the end of September. No other terms of the deal were disclosed.