Chemikalien Seetransport down to one LR1 tanker

German tanker owner and shipmanager Chemikalien Seetransport (CST), backed by the Krämer family, is continuing to reduce its exposure to ageing tonnage, selling its 20-year-old LR1 tanker London Star to Chinese interests.The 73,900 dwt New Century-built tanker has just been renamed Tenyou.  

The disposal leaves the Hamburg-based outfit with one other 20-year-old LR1 tanker on its fleet list, the Constellation, after selling 10 LR1s in the last two years, according to sales registers. 

London Star is registered under Norwegian shipowning company Partankers XXIV AS, in which Krämer interests hold a significant shareholding. 

Chemikalien Seetransport has been steadily reducing its direct ownership exposure to vessels in recent years, while maintaining its position as a technical and commercial shipmanager.

There’s increasing activity in the LR1 segment, with owners taking advantage of firm secondhand tanker prices.

Last week, Odfjell-family-linked Larine Tankers was reported to have sold its two 2016-built LR1 product tankers, Bluebird and Starling, for a combined $110m, clearing out its existing fleet.

The buyer in that transaction has yet to be formally identified. Brokers have pointed towards UAE interests, although Turkish buyers have also been mentioned in market talk, with some sources suggesting Yasa Holding could be considering a return to the secondhand tanker market. 

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