The LR1 tanker, TORM Emilie (source: TORM)
A large percentage of the LR1 tanker fleet is employed via pools, and the majority of newbuildings are on order at a Russian shipyard for a Russian owner
The LR1 tanker size range covers coated product tankers from 50,000 dwt to 85,000 dwt, which approximates the Panamax equivalent in the dry bulk carrier fleet. There are approximately 365 live LR1 tankers in the current fleet. The average age is 13.5 years old and there are 15 vessels on order, of which all but two are due for delivery in 2023.
There is a question mark over the status of the vessels in the orderbook, in that the 13 LR1 tankers that are on order for the Russian operator Rosnefteflot and under construction at the Zvezda shipyard in the Russian Far East. This is a quasi-military shipyard and since the Russian invasion of Ukraine, the flow of news from the shipyard is much reduced. However, VesselsValue noted that one of the LR1 tankers due for delivery this year has been named Valentin Pikul.
