Delivery of TIL’s Suezmaxes Delayed

Oslo-listed Tanker Investments Ltd said that the deliveries of the six second-hand Suezmax tankers purchased in December 2014 have been pushed back for early third quarter of 2015 instead of the first half of the year.

The fleet consists of four, 2009-built and two, 2010-built Suezmaxes constructed by Rongsheng Heavy Industries Group Ltd. acquired for an en bloc purchase price of USD 315 million.

TIL did not disclose the reason behind the delivery delays.

All of the Suezmaxes are expected to complete their 5-year drydocking, including the installation of fuel efficiency enhancements, upon delivery to Tanker Investments and will trade in the Gemini Suezmax Pool where they are expected to trade with strong pool points, the investment company said in December.

Tanker Investments intends to finance the entire purchase price by drawing on credit facilities to be secured by the company’s existing fleet and the new Suezmax fleet.

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