Greek behind MR orders at STX

The Greek controlled company Standard Development, described by brokers as a “new name” in shipping, is said to be behind an order at STX Offshore & Shipbuilding for up to eight medium-range (MR) tankers.

The contract is interesting because it would mark the first investment in newbuildings from Greece so far this year. German and Greek investors have been the top newbuilding players for the past three years but neither opened their wallets during the first five months of 2009 apart from Munich-based Premicon’s order for six large river-cruise vessels at Volkswerft Stralsund.

Four of the MRs, a standard 50,000-dwt STX design, are firm, the others are options.

Broking sources say the 2010 delivery slots were secured because of existing orders being postponed. It is, they say, a new order and not a previous deal being reworked.

STX has promised to disclose the buyer’s name soon but for the time being it is keeping the principal’s identity private. However, one London-based broker said about the price tag: “I don’t know why you would pay $42.5m for an MR when you could probably buy one for $40m on the resale market,”

Another added: “$42.5m is not exactly cheap for these vessels. MR tankers are quite heavily ordered and I wouldn’t make it my first choice to order but there are people out there who feel clean products is definitely the way to go rather than going for dirty.”