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.

CRUDE CARRIERS CORP. APPOINTS DIMITRIS P. CHRISTACOPOULOS TO ITS BOARD OF DIRECTORS

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 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

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)

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)

Tanker Rates Plateau After 90% Surge

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

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)  

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

India's Great Eastern Shipping Sells Two

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.