10.04.2008 - Minerva splashes out $168m on Interorient pair

Minerva Marine of Greece is said to have splashed out $168m on a pair of young aframax tankers.

Brokers say the company has bought the 108,000-dwt Polar Merchant and Polar Mariner (both built 2007) from Cyprus-based Interorient Navigation.

Minerva has been busy making fleet changes in the past couple of months.

In February, it reportedly sold its remaining two 1999-built aframaxes, the 105,000-dwt Minerva Libra and Minerva Emma (both built 1999), to Emirates Trading Agency (ETA) for $62m each.

Just a week later, the company sold the 46,000-dwt medium-range (MR) products tankers Minerva Alice and Minerva Zen (both built 1999) to compatriot owner Ancora Investment Trust for $90m en bloc.

Ancora has already taken delivery of the Minerva Alice , which has been renamed Angelica AN , and taken delivery of the Minerva Zen , to be named Apostolos A , today. The new acquisitions give Ancora a fleet of 19 tankers with an average age of nine years.

At the end of February, Minerva was said to have splashed out $162m on a resale VLCC at Hyundai Heavy Industries set for delivery in March 2009. No deal has been confirmed.

Minerva currently lists a 29-strong fleet on its website. It still includes the Minerva Alice and Minerva Zen .

Excluding this pair, Minerva operates three suezmaxes, 16 aframaxes and eight MR tankers.

Back to news list

go to publications

fullscreen view
join our position mailing