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Crude Carriers

Crude Carries Pricing, Initial Public Offering

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

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

GE Shipping to Buy 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 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

Mideast Crude Tanker Rates at One-Month High

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)

G E Shipping contracts to sell a Medium Range product tanker

  The Great Eastern Shipping Co Ltd. (G E Shipping) has signed a contract to sell “Jag Padma”, a Medium Range (MR) product tanker. The 1996 built vessel of about 47,172 dwt will be delivered to the buyers in May 2014. Including “Jag Padma”, the Company’s current fleet stands at 30 vessels, comprising 22 tankers (8 crude carriers, 13 product carriers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize

Great Eastern Shipping Orders Super Tankers

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)  

Arabian Gulf Tanker Rates Decline

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)

Tankers Gain as US Imports Less, China More

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

Damen Services Massive Crude Carrier

Photo: Damen

Damen Shiprepair Brest (France) returned the Ultra Large Crude Carrier (ULCC) TI Europe to its owners EURONAV (Belgium) after completing a full technical survey and service. The sheer size of the vessel represents a considerable challenge in itself, he says, with the shipyard applying more than 46,000 square meters of silicon paint. However, the yard can comfortably accommodate such vessels given that its largest drydock, at 420 x 80 meters, is one of the biggest in Europe.

Asia Tankers-VLCC Steady After Bumping Four-Month High

File photo: Euronav

Power struggle breaks out between between owners and charterers; West Africa cargoes hit a monthly record. Freight rates for very large crude carriers (VLCCs), which surged to a four-month high on Thursday, to hold steady as ship owners await the release of November cargoes

Winson Oil buys VLCC for Med Storage

Buys VLCC to store gasoil in Mediterranean. Hong Kong-based trader Winson Oil has bought a very large crude carrier (VLCC) to store oil in the Mediterranean as it pushes to expand its business in Europe, two company sources said. The step could boost Asian gasoil margins if the firm enters

VLCC Brings India's First Iranian Oil Parcel for Emergency Reserves

India has received the first parcel of Iranian oil to partly fill its strategic storage in southern India, Mangalore Refinery and Petrochemicals Ltd , which imported the very large crude carrier (VLCC), said on its website.   MRPL shipped in 2 million barrels of Iranian oil in the VLCC Dino

VLCC Rates to Hold Firm as Owners Await MidEast Cargoes

File photo: Euronav

Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs this week, are likely to hold firm as owners tread water before the release of further Middle-East and West Africa cargoes, ship brokers said on Friday.  

Asia Tankers-VLCC Rates Steady, Owners Resist Further Cuts

File Image (Credit: EuroNav)

Daily VLCC earnings fall to around $10,000; vessel deliveries, shorter voyages weigh on rates. Freight rates for very large crude carriers (VLCCs), which fell to multi-year lows on Thursday, are likely to hold steady around current levels as ship owners resist charterers' attempt to push

US Crude Stocks Plunge as Tankers Delay Arrival on Storm Warning: Kemp

U.S. crude oil inventories plunged by more than 14.5 million barrels in the week ending on Sept. 2, the largest weekly drop since 1999.   The reasons for the drawdown are not hard to find with a modest acceleration in refinery processing rates and a sharp slowdown in crude imports.  

Two VLCCs Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of two very large crude carriers (VLCC).   The Gener8 Perseus was delivered September 9, 2016 from Hyundai Heavy Industries Co., Ltd

MAN's G-Type Engine Notches 1,500 Orders

Illustration of the G80ME-C9 engine (Photo: MAN Diesel & Turbo)

Just six years after its introduction, MAN Diesel & Turbo has confirmed an order for the 1,500th G-type engine. Greek ship operator, Almi Tankers, will take delivery of the ultra-long-stroke 7G80ME-C9 type as prime movers for the two 317

Kongsberg Refit Helps Old VLCC 'GoGreen'

AutoChief 600 features a new GoGreen function

Kongsberg Maritime has completed an extensive refit of a 21-year-old Main Engine, Remote Control System aboard a VLCC (Very Large Crude Carrier) during the vessel’s scheduled docking. The original Main Engine, Remote Control System installed at a newbuilding yard in Japan was de-commissioned

Asia Tankers-VLCC Rates to Climb on More MidEast, West Africa Liftings

File Image (Credit: EuroNav)

VLCC rates from MidEast have reached a floor at W33; surging Suezmax rates could make VLCCs more attractive. Freight rates for very large crude carriers (VLCCs) are set to climb next week as charterers ramp up tanker fixing activity from the Middle East while increased oil volumes from West

VLCC Rates Under Pressure in Oversupplied Market

A EuroNav VLCC Underway (file image, Credit EuroNav)

Owners face difficulty raising rates due to discounted ships. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure next week as charterers drip-feed cargo in the face of surplus tonnage, shipbrokers said.

Asia Tankers-VLCC Rates Soar on West Africa, MidEast Liftings

File Image: A EuroNav VLCC (credit: EuroNav)

VLCC earnings double in a week. End of force majeure in Nigeria buoys cargo volumes. Freight rates for very large crude carriers (VLCCs) are set to rise further next week, fuelled by a raft of cargoes from West Africa and the Middle East amid tight tonnage supply, ship brokers said on Friday

Shippers Brace for IMO's New SOx Rules

Photo: Eric Norcross

IMO to decide whether to introduce rules in 2020, or 2025; EU, China already pushing for stricter regulation. The global shipping industry is bracing for a key regulatory decision that could mark a milestone in reducing maritime pollution

Asian Crude Demand Pushes Charter Rates

A typical VLCC uinderway (file image: EuroNav)

Robust Asian demand for West African crude is fueling a worldwide surge in shipping rates for the largest oil tankers that is being felt from Houston to Singapore. Chartering rates for Suezmaxes and very large crude carriers (VLCCs) have recovered rapidly in recent weeks after plunging to their

MPA Tests Joint Oil Spill Response Procedure

Courtesy MPA

The multi-agency joint oil spill exercise was conducted today as part of an on-going effort to ensure our ports remain safe, secure and clean for the international shipping community. Code-named JOSE 2016, the exercise was organised by the Maritime and Port Authority of Singapore (MPA) as part of

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