Insights

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Heidmar Beefs Up Seawolf with Ridgebury VLCC Duo and Others

August 5, 2015

Two VLCCs recently acquired by Connecticut’s Ridgebury Tankers from Windsor Petroleum have been committed to Heidmar’s Seawolf Tankers pool.

The 307,000-dwt Purpose and Progress (both built 2000) have been pledged to the Heidmar VLCC arm, taking it to eight vessels from the current six.

The sisters are among four VLCCs recently bought by Ridgebury from Windsor on the back of a surprise $150m private placement in June.

The other two units — the 307,000-dwt Pride (built 2000) and Pioneer (built 1999) — are both finishing up existing charters.

The Pride will complete a charter with Dragun at $32,500 per day in September, followed by a scheduled 60-day drydocking, while the Pioneer is on charter to Koch until February at $37,050 per day.

All four vessels have been on charter to BP for most of their lives under the Windsor structure. They have been under the commercial management of Frontline and are technically managed by Bernhard Schulte.

Current partners in Seawolf are GC Tankers and U-Ming Marine Transport, both of Singapore.

Ridgebury, based in Westport, Connecticut, has maintained a close relationship with pools operator Heidmar, which has headquarters in neighboring Norwalk.

Bob Burke-led Ridgebury placed its seven Suezmaxes with Heidmar’s Blue Fin Tankers last year.

Heidmar also has chartered in the 36,900-dwt Esther (built 2005) for two years at an undisclosed rate for entry into its Marlin Tankers handysize pool, in which it is partners with Conti Shipping of Germany.

With delivery in September, the Esther will join four Conti units in Marlin.

Great Eastern Shipping of India also has doubled its participation in Heidmar’s Sigma Tankers Aframax pool with the addition of the 104,900 Jag Lavanya (built 2004).  Sigma is Heidmar’s largest pool with 38 Aframaxes and long-range-two (LR2) tankers.

BY JOE BRADY STAMFORD  31 July 2015