Charter coverage arranged before suezmax deliveries
Offshore Energy reports time charter agreements for two suezmax newbuildings at Hyundai Samho, identified as hulls S874 and S875. An undisclosed oil major was to employ the ships for 36 firm months with two additional twelve-month periods at its option. Deliveries were expected in April and May 2019.
Potential gross revenue from the fixtures was estimated at approximately $96m if all extension options were exercised. The article records management’s view that the charter duration, rate and counterparty quality would support vessel financing. It also distinguishes the new employment from earlier related-party charter arrangements that were being replaced, linking newbuilding specification to commercial coverage before delivery.
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