What Crew Members Say About King-Philippos

In a remarkable turn of events, the oil tankers 'Agios Gerasimos', 'King Philippos', and 'Nissos Antimilos' are embarking on extraordinary detours of thousands of miles to transport crude oil from the Baltic Sea in Russia to buyers in Asia. These vessels are navigating around the African continent, appearing to be en route to India. A fourth tanker, the 'Amades', may soon follow suit. The motivations behind these extensive voyages remain unclear; however, many shipping companies, including those based in Europe, are steering clear of the Red Sea due to escalating threats of Houthi attacks on commercial shipping operations.

In a strategic move to bolster its shipping operations, BP has successfully secured timecharter agreements for three tankers, including a Very Large Crude Carrier (VLCC) and two Long Range 2 (LR2) tankers from the Latsis-controlled Latsco Shipping. The two sisterships, King Philippos and Lady Henrietta, each weighing in at 111,800 deadweight tons (dwt) and built in 2012, have been chartered for a period ranging from 12 to 16 months at an impressive rate of $28,250 per day. Industry sources report this rate as the highest for a yearly charter in recent months. Previously employed by Vitol for two years at $17,000 per day, both LR2 vessels have demonstrated strong market performance. Additionally, BP has chartered the VLCC Bunga Kasturi Lima, owned by American Eagle Tankers, which boasts a capacity of 300,200 dwt and was constructed in 2007. This fixture is set for two years, with an option for a one-year extension at a daily rate of $42,500. Although this rate is slightly lower than the recent two-year timecharter of Andriaki Shipping’s VLCC Arion, which was fixed to Shell at $43,000 daily on October 2, it reflects BP's adaptability to the current flat but stable VLCC market that has followed a peak in July. This move signifies BP’s ongoing commitment to securing reliable shipping capacity in a dynamic maritime environment.