Current State Of The MR1 Tanker Sector Lead By Romania

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Mfame Editor
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  • The MR1 tanker sector comprises 570 vessels.
  • Histria Shipmanagement stands out for its commitment to fleet renewal.
  • Gatik Ship Management, facing regulatory and operational hurdles.

Fleet Composition

The MR1 tanker sector comprises 570 vessels, ranging from 29,500 dwt to 40,999 dwt, with an average age of 16.8 years, reports Rivera.

Age Concerns

Nearly 70% of the fleet exceeds the 15-year age limit preferred by oil majors and traders for chartered tonnage.

Slow Fleet Growth

With just 1.9% of the fleet on order, the sector’s renewal rate is sluggish, with only five new buildings expected to join in 2024.

Major Players and Fleet Strategies: Maersk Tankers

Although currently possessing the largest fleet, Maersk Tankers faces aging vessels, with the recent sale of the 2004-built Maersk Kalea, signaling a move away from MR1 tanker investments.

Histria Shipmanagement

Ranked second in fleet size, Histria Shipmanagement, based in Romania, stands out for its commitment to fleet renewal. Their ECOMAX series, developed over five years in collaboration with SNC and RINA, showcases their investment in modernization.

Gatik Ship Management

Operating under the flag of Gabon, Gatik Ship Management, based in Mumbai, India, faces scrutiny due to suspicions of ties to Russia. Despite rapid acquisitions post-2022, investigations and operational issues, including vessel detentions and certification withdrawals, have cast doubt on its long-term viability.

Conclusion

While challenges persist within the MR1 tanker sector, particularly regarding aging fleets and suspicious trading activities, companies like Histria Shipmanagement exemplify a commitment to modernization and sustainable growth. However, concerns linger around players like Gatik Ship Management, facing regulatory and operational hurdles amid geopolitical uncertainties.

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Source: Riviera

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