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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

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

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)

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)

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

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.

Nigeria's Oil Exports Under Threat

Nigeria's latest effort to combat theft could imperil its oil income lifeline, compounding the damage the crude price fall has done to its finances, access to dollars and imports. Oil traders and shipping brokers said a newly implemented "letter of comfort" requirement under which

Singapore's Record Fuel Stocks Move to Floating Storage

Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters

Asia Tankers-VLCC Rates Soar on Tighter tonnage

File Image: VLCC underway

Mideast-Japan VLCC rates climb by $46,000 per day since Aug 26. Freight rates for very large crude carriers (VLCCs), which reached a seven-week high this week, are set to climb higher on buoyant cargo volumes and tighter tonnage, brokers said.

Asia Tankers-VLCC Rates Will See More Volatility

file image: A Suez Max Tanker in the Suez Canal.

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel supply ahead of a fourth-quarter boom, brokers said. Charter rates, which have rebounded sharply

G E Shipping delivers “Jag Aakash” to Buyers

Great Eastern Shipping Company Ltd

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015. The company had ordered the vessel in July 2013 at the Tsuneishi Heavy Industries (Cebu) Inc

G E Shipping Takes Delivery of Bulker

G E Shipping

  The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel was ordered by GE Shipping in July 2013 and has been built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines.

Asia Tankers-VLCC Rates Dropping

Low bunker prices buoy owners' spot charter earnings. Freight rates for very large crude carriers (VLCCs), which have fallen to their lowest level in 10 months, are set to slide further next week as the volume of available tonnage outpaces cargo demand.

GE Shipping Q1 Net Up 45%

Photo: Great Eastern Shipping Company

 India's  largest domestic ship liner Great Eastern Shipping Company today reported a 45 percent jump in its consolidated net profit to Rs 323.67 crore ($50 million) for the quarter ended June 30, on the back of higher income.  

G E Shipping to Sell New Building Dry Bulker

G E Shipping

The Great Eastern Shipping Company Ltd. (G E Shipping) signed a contract to sell, a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel is being built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines and will be delivered to the company in

Prumo Sells 20% of Brazil Acu Oil Terminal to Oiltanking

Prumo Logistica SA , the Brazilian port operator controlled by U.S.-based EIG Global Energy Partners, agreed to sell 20 percent of its oil terminal at Brazil's Port of Açu to Germany's Oiltanking for $200 million, Prumo said on Thursday.

Nigeria's Tanker Ban Underscores Local Industry Disarray

The Nigerian president's sudden, unexpected and seemingly unilateral decision to ban nearly 100 oil tankers from the country's waters has sown confusion in the operations of Africa's largest crude exporter. The edict directly from President Muhammadu Buhari's office appeared to be part of a

SembCorp Bags US$1bn Semi-sub Deal

Image: Sembcorp Marine

 Sembcorp Marine has signed an engineering and construction contract worth about US$1 billion to build the world's largest semi-submersible crane vessel for a unit of Netherlands-based Heerema Offshore Services B.V.    Scheduled for delivery in the fourth quarter of 2018

Saudi Shipper Bahri Says Q2 Profit Doubles

Bahris VLCC Harad (Photo courtesy of Bahri)

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Monday its second-quarter net profit more than doubled due to increased fleet size and rates for transporting spot crude. The company's net profit for the three months to June 30 was 342

NITC Claims World's Largest Supertanker Fleet

Photo: National Iranian Tanker Company

 According to the head of the National Iranian Tanker Company (NITC), Iran has 42 very large crude carriers or VLCCs, each able to carry 2 million barrels of oil, reports Press TV.   NITC has recently announced that after buying 20 oil tanker from China during the last two and half

NITC Tankers Chart Western Course

Sourena is a FSU for Iranian crude export located in the Persian Gulf, south of Iran. Photo: NITC

 Iran’s largest shipping company NITC, the privatized Iranian shipping company, is in talks for permission to sail in Western waters, says a report in WSJ.   NITC has amassed the world’s largest fleet of super tankers and is in talks to sail back into western waters should

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