BW Pacific Inks LR1 Sale and Leaseback Deals

Image Courtesy: BW Pacific

Singapore-based product tanker owner and operator BW Pacific has entered into sale and leaseback agreements for two 72,800 dwt LR1 tankers, according to data provided by VesselsValue.

BW Pacific’s spokesperson confirmed that this deal has taken place, but was not able to provide further comment.

The vessels in question are reportedly the 2006-built Compass and Compassion which were sold to China’s Bank of Communications on September 23, VesselsValue data shows.

Unloaded for an undisclosed price, the tankers were chartered back to the company for a period of seven years.

Bank of Communications earlier entered into sale and leaseback agreements for five medium-range, eco-type newbuild tankers with commodity trading company Trafigura Group.

Each capable of carrying close to 50,000 million tons of dirty and clean petroleum products, the tankers were delivered to Bank of Communications at the end of September.

World Maritime News Staff

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