In December 2019, Fleetscape agreed to acquire four 2005 built LR 2 product tanker vessels under an eight year sale/leaseback transaction with PT Buana Lintas Lautan Tbk. (“BULL”). The transaction was later reduced to two vessels at the election of BULL. The proceeds from the transaction were used to acquire the vessels from an unrelated third party. The two vessels were acquired at a total acquisition price of US$30.8 million, and the transactions include purchase obligations by BULL at the end of the eight-year charter period.
Established in 2005, BULL is an Indonesian tanker owner and operator, which is listed on the Jakarta stock exchange. It has a diversified fleet of Indonesian flagged crude tankers, chemical carriers and product tankers and the transaction allowed the company to expand its fleet into international flagged assets, building on its captive shipping expertise.