by Joe Brady

Ben Ognibene-led commercial management and pooling outfit will employ Samsung-built aframax in Dakota Tankers pool.

Connecticut-based commercial manager Concord Maritime has bought its first vessel, taking Arcadia Maritime’s 115,900-dwt Aegean Blue (built 2007).

Concord chief executive Ben Ognibene confirmed the purchase today in response to a query from TradeWinds, adding that his Stamford-based outfit has taken delivery and renamed the aframax tanker Dakota Strength.

Ognibene declined to disclose the purchase price, which has been reported in the market at $22m. The tanker is worth $25.53m in the estimation of VesselsValue.

The former Arcadia tanker is expected to trade in Concord’s Dakota Tankers aframax/LR2 pool, which was established in August 2018 and currently numbers 10 units.

The members are Concord, Atlas Maritime and Chartworld of Geece, and Emarat Maritime of the UAE.

Owning a tanker gives Concord “more control and optionality on the residual value,” Ognibene said.

“We like the earnings profile of this age and type of tonnage and the overall aframax fleet profile over the next few years.”

The shallow-draft Samsung-built unit is perfectly designed for US Gulf crude exports, he added.

“The vessel has been meticulously maintained and operated at a very high standard since delivery from the yard,” Ognibene said.