New joint venture in $630m play for Metrostar VLCCs

But a required equity raise by partners Winmar and ABG Sundal Collier on Oslo’s OTC market could foil the sale

2 April 2015 0:00 GMT Updated 2 April 2015 0:00 GMT

By Joe Brady Stamford Trond Lillestolen Oslo

A new Norwegian joint venture is said to be behind a $630m bid to buy six VLCC newbuildings from Greek owner Metrostar.

Metrostar and principal Theodore Angelopoulos have signed a term sheet with the partnership of Norwegian newbuilding broker Winmar and finance house ABG Sundal Collier that would see the tankers sold at $104.5m each, according to sources familiar with the deal.