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)
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
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)
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)
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
Oil traders have booked at least 12 tankers to store 25 million barrels of crude at sea in a further sign of a build-up in global stocks, reports Reuters. To take advantage of the crash in crude prices and make a profit down the line, floating storage levels are expected to increase further in coming weeks. The play is also driving up tanker hire rates, and shipping firms have seen their share prices surge in recent days.
Amjad, a 300,000 DWT Very Large Crude Carrier (VLCC) built by Hyundai Heavy Industries (HHI) in South Korea, has become the latest addition to Bahri's growing fleet of 84 vessels of various types. Bahri took delivery of the VLCC, its 37th
Maritime Strategies International (MSI), a leading independent research and consultancy has forecast a testing time for the crude tanker market over the next six months – and perhaps longer if OPEC is successful in extending production cuts beyond the first half of 2017.
Greek owner of drybulk carriers DryShips Inc. has announced that it is re-entering the tanker shipping market as it agreed to purchase an Aframax tanker and a very large crude carrier (VLCC). DryShips has entered into agreements with unaffiliated third parties to acquire:
Around 30 VLCC charters in Feb so far, versus 50 last month. About 40 refinery facilities to close for maintenance. Freight rates for very large crude carriers (VLCCs), which fell to multi-week lows on Thursday, could slip further as refinery maintenance in Asia weighs on cargo volumes
Tanker owners are bracing for a volatile year ahead after enjoying some of the highest charter rates since 2008, with OPEC plans to curb crude output potentially cutting rates by more than 40 percent. Fewer Middle East cargoes will mean lower freight rates for operators of very large
Crude tanker operator Frontline expects strong demand for its vessels at the start of 2017 and could benefit from oil producers' pact to cut output if it forces Asian buyers to go further afield for supplies, its chief executive said. Spot rates for very large crude carriers (VLCCs) have
34 VLCC MidEast cargoes fixed for early Jan -Reuters terminal; only nine fixed so far for mid-Jan. Freight rates for very large crude carriers (VLCCs), which hit a new nine-month high this week, are on course to soften amid a weaker cargo market as owners wait for more charters to be
The Great Eastern Shipping Company Limited (GE Shipping) has signed contracts to buy 2 Suezmax crude Carriers of about 157,000dwt each. The 2010 and 2011 built vessels are expected to join the company's fleet in Q4 FY17.
Unipec charters 20 VLCCs for West Africa, MidEast cargoes; China's oil demand to climb 3.4 pct this year - CNPC. Freight rates for very large crude carriers (VLCCs) are expected to remain stable next week as buoyant chartering activity from the Middle East is offset by the large number of
Oman Charter Company (OCC), a subsidiary of Oman Shipping Company (OSC), has entered into a contract of affreightment (COA) for its very large crude carriers (VLCCs) with Shell International Eastern Trading Company (Shell) for three years, reports Muscat Daily.
Shipping operations at one of three docks of Venezuela's main crude exporting port were halted after an oil spill occurred while loading a vessel bound for India, union and marine sources told Reuters on Tuesday. The spill, which happened over the weekend and whose size has not yet been
Shipping operations at one of three docks of Venezuela's main crude exporting port have "recovered" after a "minor" oil spill occurred over the weekend, state oil company PDVSA said on Wednesday, without saying how big the spill was.
Chartering activity could slow down in March due to refinery work; growth in tanker fleet could climb 6.5 pct, pressuring rates. Freight rates for very large crude carriers (VLCCs) are likely to fall next week as charter activity from China slows ahead of the Chinese New Year holiday
25 MidEast cargoes still to be fixed; VLCC rates fall to 4-month low. Freight rates for very large crude carriers (VLCCs), which hit a four-month low on Thursday, are likely to hold around current levels or nudge higher as charterers fix the final charters in February's loading
Oil majors and trading houses are set to ship an unprecedented volume of U.S. crude oil to Asia in coming weeks, boosting already high flows to the region due to higher prices from OPEC production cuts. Traders have estimated that some 700,000 to 900