SPM Shipping, a shipping company based in Dubai, has recently added its third oil tanker named Hellas Hercules to its fleet. This 84,000 cubic meter tanker, built in 2015 by Hyundai, was purchased for approximately $95.5 million from the Greek owner, Latsco Shipping. This deal is considered the first VLGC (Very Large Gas Carrier) tanker sale for Latsco in recent years.
SPM Shipping's Previous Steps in the Shipping Market
SPM Shipping, aiming to expand its activities in the largest shipping sectors, initially made investments in Cape and VLCC ships. These moves reflect the ambition and precise strategy of this company in the competitive shipping market. Previously, the company had sourced two other vessels from Dorian LPG.
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Diversity in the Fleet with New Tankers
In September, SPM Shipping further expanded its fleet by acquiring a 50,000 DWT oil and chemical tanker from Oman Shipping. This 17-year-old vessel, recently renamed SPM Invictus (formerly Al Amera), was added to the company for $17.5 million. These actions demonstrate SPM Shipping's ongoing efforts to expand and diversify its fleet in the global shipping market.
As a rapidly growing ship owner, SPM Shipping is dependent on Priya Blue, one of the largest ship recycling players in India, and also acts as the ship ownership arm of Best Oasis, one of the largest cash buyers of ships globally. These collaborations and fleet expansions help SPM Shipping compete in the shipping market and increase its market share.
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