MJL Bangladesh to purchase oil tanker for $45m-47m

MJL Bangladesh has decided to replace its old oil tanker, MT Omera Legacy, with a new Aframax oil tanker.

This acquisition will enhance the company's transportation capabilities and positively impact its overall business growth.

According to the stock exchange disclosure today (25 November), the Aframax tanker, although second-hand, has a substantial capacity of approximately 1,15,000 deadweight tonnes. It is around 12-13 years old and has been priced between $45 million and $47 million.

According to the financial statement, MT Omera Legacy is a crude oil tanker owned by MJL Bangladesh, acquired in October 2017. It is managed and operated jointly by Thome Ship Management, a Singapore-based company, and EC Bulk Carriers, a Bangladeshi firm, under a fixed-fee agreement.

This tanker is the largest Aframax oil tanker owned by a Bangladeshi company and proudly flies the Bangladeshi flag. Its main trading routes are the Persian Gulf and the Arabian Sea.

MJL Bangladesh owns a state-of-the-art lube oil blending plant and offers high-performance lubricants, grease products, and other innovative energy solutions. These products are sold in the local market, with some also being exported internationally.

In the first quarter (July- September) of the current fiscal year, the company reported a 27% profit growth compared to the same period last year.

In this quarter, the company made consolidated revenue of Tk1,245 crore, which was Tk917 crore one year ago.

Its consolidated profit after tax stood at Tk113.20 crore, which is higher than Tk90.73 crore compared to the previous year.

During this period, earnings per share stood at Tk3.43, up from Tk2.70 in the same quarter of the previous year. As of September 30, 2024, the net asset value per share was recorded at Tk51.46.