CST slashes LR1 fleet to single tanker as secondhand market booms
German owner sells 20-year-old London Star to Chinese buyers, leaving just one LR1 in its fleet.
Hamburg-based tanker operator Chemikalien Seetransport (CST), controlled by the Krämer family, has further downsized its fleet by selling its 20-year-old LR1 tanker London Star to Chinese buyers. The vessel, with a capacity of 73,900 deadweight tonnes, was constructed by New Century Shipbuilding and has since been renamed Tenyou.
The London Star was registered under Norwegian company Partankers XXIV AS, where the Krämer family holds a substantial ownership stake. Following this sale, CST now operates only one remaining LR1 tanker, the Constellation, which is also two decades old.
Fleet renewal accelerates amid market shifts: lr1 tanker sales
This latest disposal aligns with CST’s strategy to reduce its exposure to older vessels. Over the past two years, the company has sold 10 LR1 tankers, significantly streamlining its fleet while continuing to provide technical and commercial ship management services.
Norwegian Cruise Line
The LR1 tanker segment has seen heightened activity recently, with owners capitalising on strong second-hand prices. Last week, Larine Tankers, linked to the Odfjell family, sold two 2016-built LR1 product tankers, Bluebird and Starling, for a combined $110 million. While the buyer remains unconfirmed, market sources suggest interest from UAE-based investors, with Turkish firms like Yasa Holding also mentioned as potential bidders.
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