By acquiring the modern oil tanker William Oldendorff, the Stafano brothers have added one of their newest ships to their fleet. This tanker, built in 2017 and with a capacity of 179,120 dwt, was purchased for nearly 50 million dollars. This transaction occurs at a time when only a few modern oil tankers have been traded in the second-hand market this year.
Development in the Second-Hand Ship Market
The Stafano brothers are seriously committed to the second-hand ship market and have added, in addition to this tanker, a standard Panamax ship built in 2009 and two Kamsarmax ships built in 2011 and 2017, respectively, to their fleet this year. This move reflects the development and reinvestment in their fleet.
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Current Market Status and Impact on Revenue
Revenues from large oil tankers (Capesize) are currently in good shape, and the Stafano brothers can easily lease this tanker for about 35,000 dollars per day for a one-year contract. This market situation allows them to continue renewing their fleet and compare it with their older ships, which are among the oldest in their fleet.
By operating two shipping divisions named Bright Navigation and Sea Gate Navigation, the Stafano brothers have managed to control over 30 cargo ships, with an average age of nearly 20 years. This new purchase clearly indicates their efforts to renew and update their fleet.
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