Atlas Maritime secures long-term employment for LR2 newbuilding

According to ship brokerage firm Charles R Weber, 2025-built, 114,940-dwt Stavanger Star has been chartered by Trafigura for 12-20 months at a reported rate of US$34,500 per day. The same source indicates Trafigura retains the flexibility to trade the vessel for both clean and dirty cargoes.

The reported charter rate aligns closely with current market levels. Charles R Weber’s data reveals an eco LR2 tanker typically earns US$34,000 per day on average for one-year charter contracts. 

The firm also highlighted Trafigura has secured similar options for the next three LR2 newbuilds scheduled for delivery in the coming six months. These vessels, including Stavanger Star, are part of a quartet being constructed at South Korea’s DH Shipbuilding. The other three tankers are 114,940-dwt Oslo Star, Copenhagen Star and Athenian Star.

Atlas Maritime has demonstrated a consistent strategy of securing profitable charters for its vessels. In March, the company announced a significant three-year charter agreement for 2023-built, 115,100-dwt Freeport Star with Phillips 66, earning an impressive US$42,500 per day.

Significant fleet renewal programme

The Greek shipowner has been actively renewing its fleet, committing to extensive newbuilding contracts with leading South Korean and Chinese shipyards. 

According to Atlas Maritime’s website, the company has placed orders for eight Suezmax tankers, all under construction at DH Shipbuilding, with deliveries scheduled between 2025 and 2027. These orders are in addition to the four LR2 tankers already under construction at the same shipyard.

Beyond traditional tanker markets, Atlas Maritime is diversifying its portfolio by entering two promising shipping sectors. The company has ordered four 7,000-CEU LNG dual-fuel pure car and truck carriers from China’s CIMC Raffles, and three 88,000-m³ LPG dual-fuel very large ammonia carriers from South Korea’s Hyundai Heavy Industries.

Strategic asset plays

Atlas Maritime has been divesting older assets at favourable prices, ensuring robust liquidity to support its fleet expansion and modernisation. The company is known for its strategic approach to vessel acquisitions during market lows and profitable sales during price peaks.