Dubai: New outfit Blue Lines from Dubai is not wasting time building up a sizeable fleet. It has just completed a deal with Cido Shipping from Hong Kong to acquire five MR product carriers. The ships are all one or two years old and all cost Cido between $45.5m and $47m each. They have been sold to Blue Lines for $36m each and come with seven or eight year time charters at $16,000 to $16,500 a day.
Blue Lines is a jv involving parties from Singapore, Oman and India as well as Topaz Shipping. [17/05/10]
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