Mount Street is mulling more investments in older shipping tonnage after acquiring an 18-year-old product tanker in a sale-and-leaseback transaction.
The London investment manager has purchased the 37,808-dwt MR tanker Banyan Pride (built 2002) from TXZ Tankers. The buyer is owned by oil and gas company International Energy Group (IEG), part of Singapore-listed New Silkroutes Group.
The tanker has been leased back to IEG under a five-year, fixed-rate bareboat charter with extension and purchase options attached, which can be exercised at certain points during the lease.
