Indonesia's Buana Lintas Lautan (BULL) has added another vintage MR tanker to its fleet.

The tanker owner acquired the 20-year-old Lady of Doria, a 46,000 dwt MR2 built at Naikai Zosen Setoda. The purchase marks BULL's fourth MR acquisition in as many months, with all four vessels falling in a similar age bracket. Buying behaviour of this kind typically appeals to owners seeking lower entry costs, as 20-year-old tonnage is priced well below modern equivalents — though it also carries higher survey, maintenance and regulatory costs as vessels age.

The acquisition brings BULL's fleet to 13 ships, as the company continues a buying spree that has gathered pace since March. The buying comes against a backdrop in which secondhand tanker values have remained elevated in recent years amid strong tanker earnings, making older units a more accessible route to fleet growth for regional players. Older tonnage also faces tightening regulatory scrutiny, including inspections under the Poseidon Principles-linked climate framework and port state control regimes, which weigh on how long such vessels can keep trading.

The deal also marks the exit from shipping of Bangladesh's Doria Shipping.

BULL's appetite has not been restricted to tankers. Earlier this year, the company sealed a surprise deal for the 138,000 cu m Seapeak Jupiter, a 2002-built steam-turbine LNG carrier, for $14.9m. The vessel has since been renamed Gas Polaris, in a rare example of a vintage steam-turbine LNG unit finding a second life rather than heading directly for recycling. Steam-turbine LNG carriers are far less fuel-efficient than modern dual-fuel designs, and most of the oldest steam tonnage has already gone to scrap yards in South Asia, making the resale a notable outlier for ships of this age.