The high tanker freight market of 2004 presented the opportunity for the Group to take advantage of the high second hand sale and purchase market, and to sell the ULCCs at a handsome profit.
While the Group waited for the tanker market to abate before undertaking its next speculative tanker investment, it was seeking to build a portfolio of tankers and other vessels against medium to long-term employment as a means of building long-term equity in ships without taking undue market risk. As a step in this process, it bought one 1999 built Aframax Tanker, which was covered by remunerative time charter and/or pooling arrangements. Also the company ordered six newbulding Panamax Products Tankers for delivery in 2006 and 2007.