Valles ups aframax orderbook

Hong Kong and Vancouver-based Valles Steamship has signed a letter of intent for up to two aframax tanker newbuildings with Japanese shipyard Imabari Zosen.

Imabari Zosen sources indicate Valles has pencilled in one 107,000-dwt tanker newbuilding for delivery in 2003, and is holding an option on a second vessel for 2004 handover.

The company was already holding an option for a 2004 berth at Imabari. This latest move suggests the owner is keen to take advantage of an earlier delivery slot at the yard, while using the opportunity to negotiate a reduced price.

Valles has been particularly active on the aframax newbuilding front this year. Aside from this latest move, the owner has now confirmed three vessels at Imabari, and a further two 106,300-dwt ships at Tsuneishi Shipbuilding.

The company is understood to have secured time-charter deals for all five vessels, fixing two to oil major ExxonMobil, one to Italian oil company Agip, another to Japanese interests, and fixing the fifth privately.

Valles appears keen to build on its relationships with key oil players. The owner is said to have fixed one of its existing vessels, the 107,000-dwt Seaservice (built 1998) to Agip for two years' trading at around $19,000 per day.

Informed sources indicate the company still has further appetite for additional newbuildings. Valles managing director John Koo previously indicated to TradeWinds that the company was taking a close look at designs for a wide-bodied, shallow draft aframax tanker.

Tradewinds 7th Novemebre 2001
Lucy Hine in London