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A joint venture between MidOcean Marine and US compatriot Alterna Capital appears to have parted ways with a Jones Act product tanker.
MidOcean, which is based in Norwalk, Connecticut, is led by industry veteran Nickel Van Reesema (pictured here at the TradeWinds Jones Act Shipping Forum earlier this month) and his son Volckert.
The sale-and-purchase market is rife with speculation that the 49,000-dwt American Phoenix (built 2012) commanded more than $150m but the identity of the buyer isn’t clear.
Observers believe the price tag, in part, reflects rising demand for tonnage capable of cashing in on the shale oil revolution and lack of unencumbered newbuilding slots at domestic yards like Aker Philadelphia.
In addition brokers note, upon conclusion of a charter with Koch, the vessel will be fixed to Phillips66 for up to five years in a deal that carries an initial day rate of roughly $75,000.
Others believe the buyer paid “too much” since the price represents a $25m premium when compared to the cost of medium-range (MR) product tankers under construction in the US.
While a number of reputable industry sources were willing to weigh in on the transaction when contacted by TradeWinds late Wednesday evening a handful felt it was premature to pass judgment in the absence of verification from the owners of the American Phoenix.
Since so few Jones Act tankers end up in the sale-and-purchase market brokers believe the deal will attract a great deal of interest, particularly amongst newcomers that are anxious to break into the segment and eager for data points that can aid in the estimation of asset values.
The American Phoenix is controlled by MidOcean Tanker Co, a joint venture between MidOcean Marine and Alterna Capital. The private equity firm would neither confirm nor deny reports that the partnership was selling the ship when contacted by TradeWinds this afternoon.
While forecasters who track the Jones Act tanker segment are anxious for answers many claim they weren’t surprised to hear that MidOcean Tanker was offloadeding its lone asset since it is widely believed that the company’s backers started to court buyers earlier this year.
source:www.tradewindnews.com
