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Tanker top 10: analysing the LR1 sector
A large percentage of the LR1 tanker fleet is employed via pools, and the majority of newbuildings are on order at a Russian shipyard for a Russian owner
The LR1 tanker size range covers coated product tankers from 50,000 dwt to 85,000 dwt, which approximates the Panamax equivalent in the dry bulk carrier fleet. There are approximately 365 live LR1 tankers in the current fleet. The average age is 13.5 years old and there are 15 vessels on order, of which all but two are due for delivery in 2023.
There is a question mark over the status of the vessels in the orderbook, in that the 13 LR1 tankers that are on order for the Russian operator Rosnefteflot and under construction at the Zvezda shipyard in the Russian Far East. This is a quasi-military shipyard and since the Russian invasion of Ukraine, the flow of news from the shipyard is much reduced. However, VesselsValue noted that one of the LR1 tankers due for delivery this year has been named Valentin Pikul.
The beneficial owner with the largest number of LR1 tankers is Prime Tankers, with 16 vessels, just one more that the Chinese state-owned COSCO Shipping Energy Transportation. Prime Tankers, founded by Stathis Topouzoglou, is reported to have sold three LR1 tankers in the first quarter of 2023 for a healthy return.
On the commercial management side, Hafnia controls the largest fleet, mainly stemming from the 2022 acquisition of 12 LR1 tankers from Scorpio Tankers. These are commercially operated in the Hafnia LR1 pool, alongside 10 or more other partners.
The pool structure is very important to the LR1 tanker fleet. Of the 365 live vessels in the fleet, 119 are in pools. Altogether, there are 54 LR1 tankers in Hafnia-controlled pools, making it the largest pool operator in the sector.
No one classification society can be said to have dominance over the LR1 fleet, with Lloyd’s Register, American Bureau of Shipping and DNV leading the pack. As with other tanker sectors, Marshall Islands and Liberia are the main two flags flown by the vessels.
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