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Product Carriers

OSG Orders Four Product Carriers

Overseas Shipholding Group, Inc. will build four 73,500 dwt coated Panamax product carriers, or LR1 tankers, at the SPP Plant and Shipbuilding Co. Ltd. based in Tong Yang, South Korea. The vessels are scheduled for delivery in 2010 and 2011. As product trades continue to shift and globalize, OSG is enhancing its fleet of larger size product carriers in order to better service its customer base. Larger size product carriers are more economical for customers, are a more flexible vessel and augment the Company's diverse fleet of crude oil tankers, medium- and long-range product carriers and liquefied natural gas (LNG) vessels. The new vessels bring OSG's total fleet to 147 vessels, of which 107 are operating and an additional 40 vessels are slated for delivery between 2007 and 2011.


OSG Signs Time Charter for Four

Overseas Shipholding Group, Inc. signed an agreement with Parakou Shipping Ltd., an international shipping company based in Hong Kong, to time charter four product carriers for 10 years each. The vessels, two of which are already under construction, will be built by STX Shipbuilding Co., Ltd. in Korea and are scheduled for delivery to OSG in September and October 2006 and April and June 2007. The product carriers, all sister ships with a capacity of 51,000 dwt and six segregations


OMI Corp. Acquires Vessels

OMI Corp. has agreed to attain two 47,000-dwt product carriers from another owner that are currently under construction at Onimichi Dockyard in Japan. The vessels will be delivered to the company in September and late November 2000, upon which they will commence two time charters to an oil company. The company has also agreed to sell the 29,996-dwt product carrier Tiber, which was built in 1989, and is the last of its Polish built vessels.


STX Shipbuilding Wins Orders

According to wire reports, STX Shipbuilding of South Korea has won orders from two companies for seven chemical product carriers for a combined $210 million. Four 70,500-dwt product tankers are reportedly destined for SAF Bulk Maritime of South Africa, while three 45,800-dwt carriers are said to be going to Arminter of Monaco by the end of 2004.


Gorthon Lines Sells Forest Product Carrier

Gorthon Lines has sold the forest-product carrier Stig Gorthon on private terms. Built in Sweden 1979, the vessel, which was delivered to its new owners on September 10, 2003, has a dwt of 8,670 mton.


NASSCO Delivers Third Product Carrier

General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics (NYSE: GD), delivered the third ship of its State-class of product carriers to American Petroleum Tankers, LLC, a joint venture of the Blackstone Group.  The ship is named Sunshine State, the state nickname of Fla.   NASSCO began constructing the Sunshine State in August 2007.  At a length of 600.4 feet, the double-hulled ship has a cargo capacity of approximately 331


STX Shipbuilding Gets $266.7M Ship Order

South Korea's STX Shipbuilding Co. (067250.SE) said Wednesday that it received a $266.7M order to build six petrochemical product carriers. An STX spokesman said the South Korean shipbuilder won the order from a Hong Kong-based company, but declined to identify the company. STX will deliver the tankers - which will have the capacity to load 51,000 tons of petrochemical products - by Sept. 2009, the company said.


GE Shipping takes New Product Tanker

Great Eastern Shipping Company (GE Shipping) has taken delivery of its new building MR product tanker Jag Payal. The 37,159 DWT product tanker built at Hyundai Mipo Dockyard Co, South Korea has Ice Class 1 A notation. With the induction of Jag Payal, the company’s fleet of 44 vessels comprises 33 tankers (14 crude oil carriers, 17 product carriers, and 2 LPG carriers) and 11 drybulk carriers (1 capesize, 2 panamax, 5 handymax and 3 handysize) with an average age of 12.7 years aggregating 3


G E Shipping to Buy a Suezmax Crude Carrier

The Great Eastern Shipping Company Limited (G E Shipping) has signed a contract to buy a 1,47,092 dwt, modern (double hull) Suezmax crude tanker. The 2000 built ship is expected to join the Company's fleet during the second quarter of FY 2007-08. The decision to induct the said vessel is with the objective of modernizing the tanker tonnage and to enhance the Suezmax fleet. The company's current fleet of 46 ships with an average age of 12.2 years aggregating 3


Belships 4Q Results

Belships fourth quarter operating income was $18.98, versus $7.8 million in 4Q 2002. The company's operating result totaled $4.2m. The operating income and operating result were affected by a strong dry bulk market. The product carrier business generated an operating result of $133,000 in the fourth quarter. The gas carrier business generated an operating result of $740,000 in the same period. The improvement is primarily due to the fact that, because of previous write-downs


NASSCO to Build Seabulk Jones Act Tankship, Plus Option

Product Tankship for Seabulk: Image courtesy of NASSCO

General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, has entered into a contract with Seabulk Tankers, Inc., a wholly owned subsidiary of SEACOR Holdings Inc. for the design and construction of a 50,000 deadweight ton LNG-conversion-ready product carrier with a 330


GAC Australia Signs Three-Year Contract with MOL

GAC_Logo_2012_180x85_A15.png

GAC Australia Signs Three-Year Contract with MOL Multimodal transport operator Mitsui O.S.K Lines (MOL) has awarded an exclusive three-year contract to serve its vessels and port calls across Australia to GAC Australia, part of the global shipping, logistics and marine service provider GAC Group


Greek Tankship Operators TEN Public Share Offering

Tankship photo courtesy of TEN

Tsakos Energy Navigation Ltd. (TEN) plans to offer its common shares in a public offering. The Company says it plans to use the net proceeds of the offering to finance the growth and modernization of its fleet, and for general corporate purposes.


Tankship Asset Price Forecasting Mysteries Explained

Tankship clean sector supply: Image credit McQuilling

Marine transport advisors, McQuilling Services recently released its 2014-2018 Tanker Market Outlook that forecasts spot freight rates across eight tanker classes and 13 major trading routes.  This year’s edition also includes a forecast of asset prices over the same period for


New U.S. Tankship Company Secures Huge Investment

Ridgebury Tankers LLC announce a $200 million commitment from Riverstone Holdings LLC, alongside a $5.7 million commitment from Ridgebury management. The Connecticut-based Company will use the capital to acquire clean product carriers of all sizes and in the crude sector will focus primarily


Tsakos Delivers Shuttle Product Tanker

Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator today announced the successful delivery of its second fully coated DP2 suezmax shuttle product tanker, Brasil 2014, from South Korea. The Brasil 2014 is a sister vessel to the Rio 2016 that was delivered in March


APT Contracts NASSCO to Build Four Tankers

Photo: NASSCO

American Shipbuilder General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, announced that it has entered into a contract with an affiliate of American Petroleum Tankers (APT), a company majority owned by funds managed by Blackstone on behalf of its investors


WTS Launch Upgraded Unitor-Generon Inert Gas System

Wilhelmsen Technical Solutions has launched an upgraded Unitor-Generon inert gas system to meet demand for a high-efficiency, low energy purging and padding system for liquid cargo safety. The updated Unitor-Generon system features modern membrane technology developed by Generon which enables the


Wilhelmsen Upgrades Unitor-Generon N2 System

Wilhelmsen Technical Solutions launched an upgraded Unitor-Generon inert gas system to fulfill increased demand from shipping and offshore customers for a high-efficiency, low energy purging and padding system for liquid cargo safety. The updated Unitor-Generon system features modern membrane


Global Vessel Newbuildings: Latest News

The past week has been another active one, reports Clarkson Hellas S+P Weekly Report, with notable levels of ordering across all sectors. In Dry and whilst understood to have been contracted earlier this year, Clients of Polaris Shipping are reported to have signed three firm 250


General Dynamics Reports Q2 2013 Results

General Dynamics (GD) today reported second-quarter 2013 net earnings of $640 million, or $1.81 per share on a diluted basis, compared to 2012 second-quarter net earnings of $634 million, or $1.77 per diluted share. Second-quarter 2013 revenues were $7.9 billion.


NASSCO to Construct Two Product Tankers for Seabulk

Photo: NASSCO

General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, has entered into a contract with Seabulk Tankers, Inc., a wholly owned subsidiary of SEACOR Holdings Inc., for the design and construction of two 50,000 deadweight ton LNG-conversion-ready product carriers each with a 330


Tsakos VLCC Charter to Generate US$11.5 Million

Greece-based Tsakos Energy Navigation Limited (TEN) has time-chartered out the 301,171 dwt, double hull VLCC  'Millennium', with a state oil company for a period of 18 months. The new charter commenced in September 2013 and is expected to generate gross revenues of approximately $11


General Dynamics Reports 3Q 2013 Results

General Dynamics reported third-quarter 2013 net earnings of $651 million, or $1.84 per share on a diluted basis, on revenues of $7.8 billion. This compares to 2012 third-quarter net earnings of $600 million, or $1.70 per diluted share, on revenues of $7.9 billion


Seabulk Contracts NASSCO for Up to Two More Tankers

Artist’s rendition of Ecotanker (Photo: NASSCO)

General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, has entered into a contract with Seabulk Tankers, Inc., a wholly owned subsidiary of SEACOR Holdings Inc., for the design and construction of one 50,000 deadweight ton LNG-conversion-ready product carrier with a 330


 
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