Altera Shuttle Tankers rebrands, enters new era under Angelicoussis Group

According to an Oslo Stock Exchange filing, the renaming took effect on 17 February, shortly after the acquisition was finalised on 16 January. The new name aligns with the Angelicoussis Group’s other shipowning subsidiaries, including Maran Tankers, Maran Dry and Maran Gas.

Maran Shuttle Tankers currently owns and operates 18 shuttle tankers across Brazil, Canada and the North Sea. Additionally, the Angelicoussis Group has three more shuttle tankers under construction, scheduled for delivery from South Korea’s DH Shipbuilding through 2027.

With this fleet size, Maran Shuttle Tankers ranks as the second-largest shuttle tanker operator worldwide, following Knutsen NYK Offshore Tankers (KNOT), a joint venture between Norway’s Knutsen and Japan’s Nippon Yusen Kaisha, established in 2010.

The Angelicoussis Group is among the world’s largest privately owned shipping companies, currently managing 144 vessels in operation with 22 more under construction, evenly distributed between the tanker and LNG carrier sectors.

Shuttle tanker fleet overview

Intermodal head of research Yiannis Parganas told Rivierathe orderbook-to-fleet ratio in the shuttle tanker market stands at 10.5% in terms of vessel count and approximately 13.5% in deadweight tonnage. Currently, shuttle tankers with a total capacity of 12.3M dwt are in service, while an additional 1.7M dwt is under construction.

According to Mr Parganas, the majority of the global shuttle tanker fleet was built in South Korea, with 76 vessels, while China accounts for 16 vessels.

Furthermore, Intermodal data shows 21.3% of the active fleet is less than five years old, while 8.7% is over 20 years old. Most shuttle tankers currently in operation fall within the 5-to-15-year age range.