New Valles aframax sets sail for Agip

ITALIAN oil company Aqip is in the process of taking another new aframax tanker on long-term charter.

Valles Steamship Co is set to earn $19,000 to $20,000 per day on a five-year time charter for its 107,000-dwt tanker newbuilding, according to brokers. Imabari shipyard will deliver the vessel next year.

Period charter rates for aframax tankers are under pressure and reflect the weaker spot market.

In June Agip fixed an aframax newbuilding from Scinicariello on a five-year time charter at a rate of between $20,000 and $20,500 per day. That vessel will also be delivered in 2002.

Agip controls 19 clean and crude tankers.

Valles managing director John Koo confirms that the newbuilding will be time chartered by Agip. He says all five Valles aframax newbuildings have now secured period charters.

ExxonMobil chartered three of the tankers in Febuary. Market reports at the time suggested that the oil major had taken the newbuildings for up to 10 years to close to $20,000 per day. The fifth new-building has reportedly been taken in a private deal.

Valles is having three of its tankers built at Imabari and two at Tsuneishi. The price tag for the vessels is believed to be $39m to $40m each. Valles has an option for one more aframax tanker at Imabari.

Lucy Hine and
Trond Lillestolen
From London and Oslo