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Bitumen tanker Lagan sold, set to trade in Mideast Gulf

  • Märkte: Oil products
  • 06.06.19

The 7,197 deadweight tonne (dwt) bitumen tanker Lagan has been sold to an undisclosed company in the Mideast Gulf, which is looking to use the vessel for shipments within the region.

The vessel — which has been renamed the Sinu Bella by its new owners — has been up for sale since June last year following UK-based Breedon Group's £455mn ($598mn) purchase of Irish construction materials firm Lagan earlier in the year. Lagan owned 50pc of the tanker. Spanish shipping firm G Junquera Maritima, based in Gijon, owned the other half.

The identity of the buyer has yet to be disclosed. The sale price is understood to be in the $4mn-4.5mn range.

The Lagan is among a number of smaller bitumen vessels that have been sold or put up for sale in the last couple of years amid challenging market conditions for the 3,000-8,000 dwt tanker sector, which is facing rising competition for business and longer waiting times between journeys outside the peak summer season.

Prior to the sale, the Lagan regularly shipped bitumen cargoes to Lagan's terminals in Northern Ireland and the Republic of Ireland, mainly from Spanish firm Repsol's 120,000 b/d La Coruna refinery and export terminal on Spain's Atlantic coast. It is now heading for the Mideast Gulf, after the sale was completed in late May.

Lagan will switch to using tankers on a spot basis to ship bitumen to Ireland for the time being, with its next cargo expected to load at La Coruna onto Swedish shipping firm TSA's 9,922 dwt Bit Eco next week.


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