Chemikalien Seetransport (CST), the owner and manager of German ships, has sold its 20-year-old tanker named London Star to Chinese buyers. This tanker, with a capacity of 73,900 tons, has recently been renamed Tenyou, and this deal helps reduce the number of old tankers in the company's fleet.
History and Current Status of the Fleet
With the sale of London Star, Chemikalien Seetransport now has only one other LR1 tanker named Constellation in its fleet. In the past two years, the company has sold 10 LR1 tankers and is continuously reducing its direct ownership of ships. While CST remains a technical and commercial manager of ships, these changes indicate strategic shifts in the company's fleet.
Read more: Parsian Gas Refinery is preparing for peak gas consumption with major repairs
Developments in the Tanker Market
Recent movements in the LR1 sector indicate an increase in activity in this area. Tanker owners are looking to take advantage of favorable prices for second-hand ships. For example, last week, Larine Tankers, affiliated with the Odfjell family, sold two of its LR1 tankers named Bluebird and Starling for $110 million. The buyers of these tankers have not yet been officially identified, but the market has mentioned interests from Emirati buyers and even Turkish buyers, especially Yasa Holding.
These changes in the tanker market clearly reflect the evolving status of this sector and the efforts of owners to optimize their fleets in response to market conditions. With this move, Chemikalien Seetransport aims to reduce risks associated with old fleets while maintaining its position as a ship manager.
Read more: 100% increase in production at Karun Oil and Gas Operating Company · Ukraine intends to sell the seized tanker Emmakris III
