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Capital group buys Cido VLCC pair

Capital group buys Cido VLCC pair
CAPITAL Maritime & Trading, the Evangelos Marinakis-led tanker and dry bulk group, has marked its entry into very large crude carriers by acquiring a pair of near-300,000 dwt tankers from Cido Shipping.

Capital group buys Cido VLCC pair.

CAPITAL Maritime & Trading, the Evangelos Marinakis-led tanker and dry bulk group, has marked its entry into very large crude carriers by acquiring a pair of near-300,000 dwt tankers from Cido Shipping.

The VLCCs are under construction at Japan"s Universal Shipbuilding and are scheduled for delivery in March and June this year.

Plans call for the first of the pair to be named Alexander the Great and the second Achilleas.

A source at the Piraeus-based company declined to discuss the acquisitions but made it clear that the purchase was private and not by publicly-listed affiliate Capital Product Partners.

The New York Stock Exchange-listed product tanker specialist has a fleet of 17 product tankers and a single suezmax crude oil tanker.

Altogether the Capital group manages 26 tankers, of which 23 are product tankers, with the crude carrying fleet comprising three modern suezmaxes.

In December Lloyd"s List revealed that the group was already negotiating for VLCCs, with an eye on making a debut in the sector, as well as looking at further suezmaxes.

Well-placed market sources put the price paid for the two tankers, described as of a high specification, at $96m each and said that the vessels were already being offered for period business but could also ply the spot market.

It is understood the Greek owner beat off competition for the ships from other bidders, including other Greeks as well as interested Chinese and Norwegian owners.

The sales mark the latest in a series of disposals from Cido"s huge newbuilding orderbook as the South Korean owner strives to raise cash and reduce its exposure.

The Cido VLCCs were reportedly ordered at Universal at a price of about $100m and at the time made headlines for the five-year wait from contract to delivery.

www.turkishmaritime.com.tr 

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