Trafigura is adding seven vessels to its fleet after buying them from SFL Corp., which is listed in New York. Included are four LR2 product carriers built in 2014 and 2015, together with a trio of Suezmax tankers constructed in 2019. SFL said on Wednesday that deliveries will roll out across the next half year. A Trafigura spokesperson declined to comment.
It lines up with a wider shift where trading houses and state-backed energy firms are securing their own ships to move crude and refined products. Trafigura has also stepped into public markets by listing Volare Shipping Ltd., a supertanker vehicle, on the Oslo Stock Exchange.
Fleet purchases signal what traders expect freight rates to do next. Market Briefs covers shipping free every morning.
Trouble moving through the Strait of Hormuz has pulled in large numbers of tankers to keep vital oil streams moving to global buyers. On top of that, rising risks in the Red Sea are adding miles and time to voyages. The result is a scramble for ships as charter costs jump.
You can see it in resale prices, too. Clarkson data last week put a 10-year-old Aframax, roughly the same size as an LR2, at $72.5 million, while a Suezmax of similar age could change hands for $110 million.
SFL did not reveal what Trafigura paid, but it did record a $175 million gain on the sale, a snapshot of how urgent demand and thin supply are lifting tanker values. With longer routes and pricier day rates feeding into ship prices, the ripple effects can show up in freight costs and eventually in what you pay for fuel.
Buying vessels in a tight market is a bet on continued scarcity. Get the free Market Briefs daily newsletter and follow it.
