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The Seychelles Petroleum Company (SEYPEC) will replace four of its five tankers with new and more advanced ships in the coming years, said a top official. This follows the approval by the Cabinet of Ministers last Wednesday of the SEYPEC's strategic plan tSeychelles Petroleum Company to replace 4 tankers
The Seychelles Petroleum Company (SEYPEC) will replace four of its five tankers with new and more advanced ships in the coming years, said a top official. This follows the approval by the Cabinet of Ministers last Wednesday of the SEYPEC's strategic plan to replace its aging tanker fleet with new, technologically advanced vessels. The SEYPEC chief executive, Sarah Romain, told SNA that the four vessels will be replaced by only two new ones. «Next year, two of our tankers will turn 20 years old, and most companies that transport oil, tend not to use older tankers, as they are not as efficient as newer ones, which is why we want to replace these vessels, to ensure that can maintain the bigger contracts with some of the top companies in the world,» said Romain. She explained that older vessels are less reliable, burn more fuel and have a higher operational cost, which means that by getting newer tankers, SEYPEC's operations will be more profitable. Romain explained that the four tankers will be replaced in phases. The Seychelles Pioneer will be disposed of this year, followed by Seychelles Progress in January 2025, while the other two, Seychelles Prelude and Seychelles Patriot, will be replaced by December 2026. «The two new vessels are expected to be delivered in January and April 2027,» confirmed the chief financial officer of SEYPEC, Francis Racombo. This means SEYPEC will have only two tankers operating internationally, with the smaller Seychelles Paradise, remaining operational within the region and Seychelles' waters. «These new tankers will be more efficient firstly, where it can use two types of fuel, such as methanol, which is a greener fuel, that gives out less carbon emissions,» explained Romain. She shared that in many European countries, the tankers are fined for their emissions, and each of the current tankers usually pays up to $2,000 per year. SEYPEC's tankers are currently managed by German Tanker Ship (GTS), which is the company that employs staff, looks for contracts and maintains the ships, and the four Seychelles tankers are part of its fleet of 17 vessels. There are over 100 Seychellois currently employed to GTS, not only on SEYPEC's tankers but on other ships within the company. «On our tankers themselves, there are over 50 percent Seychellois working on them, with the rest being foreigners,» Romain said. According to SEYPEC's CEO, the tankers have been performing very well and from January to May 2024, the company earned $18.5 million, which amounts to a profit of $7.5 million. Read more