Fredly to buy up to seven VLCCs

Apr 13 2018

Apollo Asset, owned by independent investor Arne Fredly, has made an offer to Norwegian publicly traded investment company Hunter Group for the transfer of ownership of up to seven VLCCs.

Four VLCCs have been ordered from Daewoo Shipbuilding and Marine Engineering (DSME) in a $330 mill deal and the remaining three vessels are on option.

Hunter Group confirmed in a regulatory filing that Apollo Asset had offered to transfer the newbuilding contracts and the options to the company on a back-to-back basis, as agreed with DSME.

The four are set for delivery in 2019, while the options, if firmed, would be delivered in the following year.

Apollo Asset has also agreed to acquire 17,444,000 shares in Hunter Group, at a price of NOK2.3 per share. The latest purchase will bring Fredly’s share capital in the group to 33.2%.

A major Greek player is also thought to be looking to build up a VLCC fleet through a private vehicle, while a former senior manager at Nordic American Tankers is also seeking funds to buy Suezmaxes, according to the rumour treadmill.


Previous: SCF finances Aframax newbuilding series

Next: First Suezmax loads at Corpus Christi

Nov-Dec 18

Bunkers - a looming nightmare; OSM, Bergshav; ballast water; Tanker Operator Hamburg report