(Bloomberg) —
Trafigura Group has purchased seven oil tankers from SFL Corp., which is listed on the New York Stock Exchange. This deal highlights how trading firms and state-run energy companies are actively acquiring vessels for transporting crude oil and other products.
Recent shipping disruptions in the Strait of Hormuz have caused numerous tankers to be deployed to transport essential oil supplies globally. Additionally, increasing risks in the Red Sea are resulting in longer travel routes and times, prompting a surge in tanker acquisitions as charter prices rise significantly.
According to SFL's announcement on Wednesday, Trafigura acquired four LR2s, which are oil product tankers built in 2014 and 2015, along with three Suezmax tankers constructed in 2019. The delivery of these vessels will occur over the next six months.
A representative from Trafigura did not provide comments on the acquisition.
SFL mentioned that it achieved an "aggregate book gain" of $175 million from this transaction, though it did not reveal the sale price of the tankers.
The strong demand for immediate availability of oil carriers has led to increased resale values for tankers. For instance, a 10-year-old Aframax tanker, which is similar in size to an LR2, was valued at $72.5 million last week. In comparison, a Suezmax of the same age can sell for around $110 million, according to Clarkson data.
In addition, Trafigura recently ventured into public markets by listing a supertanker entity, Volare Shipping Ltd., on the Oslo Stock Exchange.