Crude Carriers Corp. announced that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments. Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40m capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading Corp. at a price of $71.3m and two newbuilt very large crude carrier (VLCC) tankers for $96.5m each upon their delivery from the yard. The company’s common shares will trade on The New York Stock Exchange under the symbol CRU. UBS Investment Bank, BofA Merrill Lynch and Wells Fargo Securities acted as joint book-running managers of the offering and as representatives of the underwriters, including Nordea Markets, Oppenheimer & Co., Cantor Fitzgerald & Co., Pareto Securities, RS Platou Markets and ING. The company has filed a registration statement (including a prospectus) with the SEC for its initial public offering of common shares, which the SEC has declared effective on March 11, 2010.
ATHENS, Greece, March 14, 2011 – Crude Carriers Corp. (NYSE: CRU) today announced that its Board of Directors has elected Dimitris P. Christacopoulos to serve as a Director on the Company’s Board. He will be an independent Board member and will serve on the Board's Audit and Independent Directors’ committees. Mr. Christacopoulos, 40, joined the Company’s Board on March 11th, 2011. Mr. Christacopoulos currently serves as a Partner at Octane Management
Hyundai Heavy Foreign Ship Orders At $440M South Korea's Hyundai Heavy Industries Co. won $440 million in foreign shipbuilding orders for 11 vessels so far this month. The details are as follows: -Taiwan's Yangming Marine Transport Corp. ordered two 5,500 teu container carriers -A Greek shipping firm ordered two 172,000 dwt bulk carriers -An Indian shipping firm ordered one 75,000 dwt bulk carrier -South Africa's Safbulk ordered four 172,000 dwt bulk carriers
Great Eastern Shipping Company Ltd (GE Shipping) informed the Bombay Stock Exchange that it has contracted to buy two new building Kamsarmax dry bulk carriers, according to a report on http://sify.com. The 80,700 dwt vessels are expected to join the company’s fleet during the fourth quarter of 2010-11 and the first quarter of 2011-12, respectively. GE’s current fleet stands at 48 vessels comprising 36 tankers (14 crude carriers, 20 product tankers
According to an August 16 report from Reuters, crude oil freight rates on major routes were mixed on Monday with the Middle East Gulf market hitting its highest in a month due to better cargo activity and tighter vessel availability as owners held back ships. The world's benchmark Very Large Crude Carrier (VLCC) export route from the Middle East Gulf to Japan DFRT-ME-JAP was at $21,809 a day, up from $6,185 a day last week and at the highest since mid July. (Source: Reuters)
According to a Jan. 8 Report from Bloomberg, the cost of shipping Middle East crude oil to Asia, the world’s busiest route for supertankers, declined on a surplus of vessels for hire. Charter rates for very large crude carriers, or VLCCs, on the industry’s benchmark Saudi Arabia to Japan voyage declined 0.3 percent to 49.69 Worldscale points, according to the London based Baltic Exchange. (Source: Bloomberg)
Middle East tanker charter rates, up more than 90 percent since the start of the year, appear to have reached a plateau, shippers said. Worldscale rates for chartering a very large crude carrier (VLCC) to transport two million barrels of crude oil from the Middle East to the U.S. Gulf now stand at W82.5-W85, compared with W42.5 at the beginning of January. To Japan rates have risen to W95-W100 from about W52.5. That means the cost of shipping oil to the U.S
According to an April 5 report from the Wall Street Journal, Great Eastern Shipping Co. Ltd, India’s biggest private ocean carrier, has ordered three new oil super tankers or so-called very large crude carriers at South Korea’s Hyundai Heavy Industries Co. Ltd for an undisclosed amount. (Source: The Wall Street Journal)
Tankship freight rates on the up as global oil trade pattern changes According to Bloomberg, the U.S. is importing the least in 13 years as China buys more than ever, lengthening voyages for tankers and effectively reducing the fleet’s capacity, government data show. Very large crude carriers, each hauling 2 million barrels, will earn $40,000 a day this year, 81 percent more than in 2011, said Andreas Vergottis, the Hong Kong-based research director of Tufton Oceanic Ltd
A dry bulk carrier has been delivered to the buyers & the contract for sale of a product carrier tankship has also been signed. The Great EasternShipping Company Ltd. (G E Shipping) has delivered its 1995 built Panamax dry bulk carrier Jag Arnav (about 71,000 dwt) to undisclosed buyers. Earlier, the company contracted to sell Jag Pawar, a 1988-built general purpose product carrier of about 29,900 dwt, with delivery to the buyers in Q1 2014.
Keppel Shipyard undertakes Singapore’s first Ballast Water Treatment System (BWTS) retrofit project for a VLCC. MOL Tankship Management (Asia) Pte Ltd (MOL) has awarded Keppel Shipyard with a landmark Ballast Water Treatment System (BWTS) retrofit project
The very large crude carriers (VLCC's) will load at Ras Tanura terminal for deliveries to a US Gulf Coast port next month. The very large crude carriers will each load 280,000 metric tons of oil at Saudi's Ras Tanura terminal between April 3 and April 9 for the voyage via the Cape of Good Hope to
Exxon Mobil Corp. booked two tankers to haul oil to the U.S. Gulf Coast via the Suez Canal in May at what may be this year’s lowest rates, a shipbroker told Bloomberg.com. “The very large crude carriers, each able to haul 2 million barrels of oil
Warsash Maritime Academy will welcome the eighth scaled ship model to its fleet in May 2013. It will be the first container ship to join the existing fleet at Southampton Solent University’s Ship Handling Center when it is officially launched at a special ceremony.
Korean shipbuilders are struggling to cope with a growing inventory of unsold ships According to a report by Park Si-soo in the 'Korea Times', Korean shipbuilders are caught between a rock and a hard place. The prolonged global economic downturn has ship owners killing orders or requesting a
Statoil and its partner Sinochem to purchase 'Peregrino' FPSO (Floating Production, Storage and Offloading) LNG vessel from Maersk The unit has been in use at the Statoil-operated Peregrino field in Brazil since production start-up in 2011.
Great Eastern Shipping Company signs contract to buy a 1990-built Very Large Gas Carrier (VLGC) The Great Eastern Shipping Company Limited (G E Shipping) has signed contract to buy a Very Large Gas Carrier (VLGC) of about 49,700 dwt (75,000 cbm).
A fall in tankship bookings by China due to stockpiling & slowdown in its economic growth sets scene for probable 10% slump According to Bloomberg, the largest oil-tankers booked to haul 2 million-barrel cargoes of crude from ports in the Persian Gulf are poised to slump to a 17-month low as
Asia-bound fuel-oil cargoes from Western countries in August rise to 3.44-million tons Fuel-oil shipments to Asia from Western countries for August delivery rose from a week earlier to 3.44 million metric tons, according to vessel-charter data and information from traders compiled by Bloomberg.
A surplus of tankships seeking Persian Gulf cargoes curbs earlier charter rate increases. There are 20 percent more very large crude carriers for hire over the next 30 days than there are cargoes, according to the median estimate of seven shipbrokers and owners (TANKER) surveyed by Bloomberg News
Korea's leading shipbuilders post declining profits in second quarter 2012, as well as a growing inventory of unsold vessels. Shipbuilders here have put unsold ships up for resale at below-market prices but are struggling to get them off the hands, reports the 'Korea Times'.
Owners of Very Large Crude Carriers (VLCC) by agreeing to current low rates are effectively paying shippers for the priviledge. Hire costs for the largest oil tankers are so low and the oversupply of the vessels is so acute that shipowners are paying to carry crude for clients
Moody's Investors Service says that operating results of BW Group (Ba2 negative) in 1H 2012 were better than expected, largely because of the higher charter rates achieved by the company for its vessels. "We had expected BW Group's performance to weaken
Wärtsilä has received its 1000th order for the 2-stroke, electronically controlled, common-rail low-speed diesel engine. The 1000th order will power an efficient Very Large Crude Carrier (VLCC) tanker being built for JX Tanker Company Limited, the Yokohama
Mercator Lines (Singapore) agrees to sell its 279,022 dwt VLOC 'Sri Prem Putli'. The vessel was built in 1993 and converted from Very Large Crude Carrier (VLCC) to Very Large Ore Carrier (VLOC) in 2009. The Vessel is expected to be delivered to its buyers in March 2013