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Scorpio Tankers on Major Fleet Expansion

Scorpio Tankers

  Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today that it has reached an agreement with an unrelated third party to purchase an MR product tanker that is currently under construction at SPP Shipbuilding Co., Ltd. of South Korea ("SPP"). The purchase price of the vessel is $37.1 million with delivery expected in September 2014.   Newbuilding Vessel Deliveries The Company recently took deliveries of two MR product tankers, STI Dama from SPP and STI Olivia from Hyundai Mipo Dockyard of South Korea. Upon delivery, both vessels began time charters for up to 120 days at approximately $18,000 per day. Scorpio Tankers currently owns 33 tankers (one LR2 tanker, two LR1 tankers, four Handymax tankers, 25 MR tankers, and one post-Panamax tanker) with an average age of 2.0 years, time charters-in 26 product tankers (eight LR2, six LR1, four MR and eight Handymax tankers), and has contracted for 42 newbuilding product tankers (20 MR, 11 LR2, and 11 Handymax ice class-1A product tankers), 28 are expected to be delivered to the Company throughout 2014 and 14 in 2015.


Scorpio Takes Delivery of STI Veneto

Tanker LR2

  Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,000 per day. With this Scorpio Tankers owns 63 tankers (nine LR2 tankers, two LR1 tankers, 15 Handymax tankers, 36 MR tankers, and one post-Panamax tanker) with an average age of 1.3 years, time charters-in 21 product tankers (six LR2, five LR1, three MR and seven Handymax tankers)


Japan's Biggest Shipping Firm to Add More LNG Tankers

Nippon Yusen KK, Japan's biggest shipping company, has upwardly revised its plan to expand its fleet of liquefied natural gas (LNG) tankers, a major Japanese financial paper reported Wednesday. Nippon Yusen's initial business plan called for it to either own or have invested in the construction of about 60 such tankers by fiscal 2010. It has now raised that figure to roughly 80-100 tankers, the Nikkei Shimbun said.


Heindenreich Marine Develops Product Tanker Pool

Heindenreich Marine has created a new global clean petroleum product tanker pool - Dorado Tankers - to be managed from Heidmar's new office in Darien, Conn. The focus of the new company will be to operate product tankers under a common umbrella - similar to the Star Tankers' panamax pool. Heidmar also reported that it has elected David G. Palmer as vice president of the company, as well as managing director of Dorado Tankers


New Tankship Joins Rapidly Expanding Scorpio Fleet

Image credit Scorpio Tankers

Scorpio Tankers Inc. inform they have taken delivery of another MR product tanker newbuilding in their ambitious newbuilding programme, 'STI Opera', from Hyundai Mipo Dockyard Co., Ltd. of South Korea. The owners add that the new vessel will be chartered-out for up to 120 days at approximately US$19,000 per day. About Scorpio Tankers 
 Scorpio Tankers Inc. currently owns 21 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, 14 MR tankers


LR2 Product Tanker Joins Scorpio Tankers' Fleet

Scorpio Tankers Inc. Announces Delivery of a Newbuilding LR2

  Scorpio Tankers Inc. today took delivery of STI Alexis, an LR2 product tanker from Daehan Shipbuilding Co. Ltd. This vessel will begin a voyage for 52 days at approximately $33,500 per day. The Company has also exercised an option to extend the charter on one of its time chartered-in LR2s for six months at $16,250 per day, commencing in March 2015. Earlier last week, Scorpio Tankers took delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries.


Tanker Freights’ Declining Rate to Continue

Global tanker freight rates may be depressed for several more years as a stream of new vessels hit the market and shipowners refrain from scrapping older ships. However, a recovery is likely toward the end of the decade as more single-hulled tankers are taken off the market to meet regulations for safer ships. Tanker rates jumped to record highs in 2004 as a surge in oil trading and demand strained available fleet supply


Tanker for Sovcomflot Delivered

STX Shipbuilding delivered the new product tanker, SKF Neva, to Sovcomflot JSÑ. The first product tanker of the series, the keel was laid on May 30, 2006. The 600 x 106 ft.-tanker is 46.520 tons dwt. The tanker, to be deployed from Primorje, including Vladivostok, to the ports of the South-East Asia, will transport crude oil, oil products, vegetable oils and coal oils. Source: SeaNews


Sigma Tankers Expands Fleet

Heidmar Inc. announced that Mercator Lines Limited of India China Shipping Development and Conti Reederei of Germany will be joining the Sigma Tankers pool and that Emirates Trading Agency of Dubai an existing member of both Sigma and the Heidmar managed Dorado Tankers pool, will be entering two more vessels into Sigma Tankers.   Mercator and China Shipping, also members of the Dorado Tankers pool, will enter one vessel each into Sigma Tankers


JO Tankers Order 8 MR Product Tankers from China Shipyard

Image courtesy of JO Tankers

JO Tankers has placed an order for eight 33.000 dwt stainless-steel chemical tankers at China’s New Times Shipbuilding, with deliveries scheduled for 2016 and 2017. The deal consists of firm and optional contracts. The new buildings will join Milestone Chemical Tankers – the jointly owned chartering and marketing arm of JO Tankers and Tokyo Marine.

 JO Tankers say that the new-buildings will be built to the highest specification


Venezuelan Crude Sales to US Fell 8% in April

Venezuelan crude sales to the United States declined 8.3 percent in April to 734,700 barrels per day (bpd) compared with the same month of 2015, amid delays at PDVSA's main ports, according to Thomson Reuters trade flows and vessel tracking data.  


Crowley to Christen 3rd LNG-ready Product Tanker

Louisiana (Photo: Crowley)

Crowley Maritime Corp. announced it will hold a christening ceremony Thursday, May 5 in New Orleans for the newly built Louisiana, the company’s third of four new Jones Act product tankers.   The 600-foot-long, 50,000-dead-weight-ton (dwt), 330


NASSCO Delivers First ECO Class Tanker for SEA-Vista

Photo: General Dynamics NASSCO

On Thursday, April 28, 2016, General Dynamics NASSCO delivered the first ship in a series of three ECO Class tankers currently under construction for SEA-Vista LLC. The newly-built Independence is a 610-foot, 50,000 deadweight-ton, LNG-conversion-ready product tanker with a 330


Alfa Laval HCO Filter Approved for Validation Testing

Image: Alfa Laval

A manufacturer of two-stroke engines has agreed to validation tests of an Alfa Laval hydraulic control oil (HCO) filter . The approval to test the final HCO filter design comes after concept testing on the crude oil tanker Stena Suède.  


Argentina Crude Exports Poised to Hit Record

Argentina's oil producers have shipped record volumes of crude this month, spurred by a new government subsidy that has also prompted state-owned oil company YPF to return to the export market for the first time in years.   The surge in shipments abroad comes just a month after Argentina's


37 Piracy Incidents in Q1, Says IMB

Image: International Maritime Bureau (IMB)

Worldwide, International Maritime Bureau (IMB) recorded 37 piracy and armed robbery incidents in the first quarter of 2016, down from 54 in the same period last year. Three vessels were hijacked and 29 boarded, with 26 crew kidnapped for ransom and a further 28 held hostage.  


India Instructs Disputed Tanker to Await UN Orders

India has instructed an Indian-flagged oil tanker that has been blacklisted by the U.N. not to discharge its cargo of crude oil from Libya's rival eastern government and to await instructions from the United Nations, a senior Indian government official said on Thursday.  


Blacklisted Oil Tanker Returning to Libya

An Indian-flagged oil tanker is returning to Libya, the North African country's rival oil corporation said on Thursday, after its failed first attempt to export crude oil led to the ship being blacklisted by the United Nations Security Council.  


Singapore Revokes Two Bunker Licenses

Photo: Vermont UM Bunkering

 Singapore's Maritime and Port Authority (MPA) have revoked two bunker suppliers' license to operate in the world's top bunker port.    The two companies have, according to the authority, violated the terms and conditions for bunker activities in the port.  


Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

file image: A VLCC transits the Suez Canal (Suez Canal Authority)

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo, could slip further next week as more tonnage becomes available with the easing of recent tanker


Floating Products Storage in Focus

Graph: Gibson Tanker Report

 For much of 2015, talk of floating storage was dominated by speculation that the contango in crude futures might support crude floating storage, says Gibson Tanker Report.   However, at the same time, much of the oil surplus was being absorbed by refiners chasing some of the best


Blacklisted Tanker Returns to Libya's Zawiya Port

Distya Ameya tanker Photo National Oil Corporation

A tanker that Libya's rival eastern government had been using to try to export oil in defiance of the Western-backed administration in Tripoli returned to the country on Saturday, after it was blacklisted by the United Nations, the state oil company said.


NAT Acquires Four 150,000dwt Tankers

Courtesy Nordic American Tankers Limited

Nordic American Tankers Limited ("NAT" or the "Company") announced today that it has entered into an agreement to acquire four existing Suezmax sister vessels built in Japan at a world-class shipyard. The aggregate price is $106 million


A Look Back At The Tanker Market

Graph: Clarksons Research

 The fall in the oil price after the summer of 2014, coupled with the decision by OPEC to keep oil production at elevated levels has combined to support an improved tanker market, but just how good are these “good times” in a historical context? Clarksons Research Analysis.


Libya Eastern Oil Company Blocks Tanker Loading Crude for Tripoli Rival

An oil company set up by Libya's eastern government is preventing a tanker from loading a cargo for its Tripoli rival, the National Oil Corporation (NOC), officials said on Tuesday.   The eastern company, also calling itself the National Oil Corporation (NOC)






 
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