Empire Product Tankers (EPT), the Oslo-listed spin-off of Stamatis Molaris-controlled Empire Navigation, is expecting to enjoy positive cash flow from its MR fleet after a share deal.
EPT's sole shareholder, Myrtle Marine Corp, has transferred to EPT 100% of the shares in one-ship subsidiaries that bareboat charter eight modern tankers from Banc of America Capital & Leasing.
The 50,000-dwt, scrubber-fitted vessels have been operating on long-term charters to Cargill International since their delivery from Hyundai Mipo Dockyard in South Korea in 2019 and 2020.
