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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)


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.


TEN Delivers Aframax Tanker

Image: Daewoo Mangalia Heavy Industries

 Tsakos Energy Navigation (TEN Ltd) has announced the delivery of the Aframax crude tanker "Thomas Zafiras" from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million.   This is the second vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates.   


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.


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


Iraq Plans to Acquire "Large Fleet" of Oil Tankers

File Image (CREDIT: AdobeStock)

Iraq plans to acquire a "large fleet" of oil tankers to transport the OPEC nation's crude to global markets, Oil Minister Jabar al-Luaibi said in a statement on Friday.   The nation's tanker fleet was largely destroyed during the U.S


Tanker Market Facing Test

Graph: Clarksons Research

 The tanker market has certainly had some tumultuous times of late, points out a report by Clarksons Research.   Crude tanker earnings picked up in 2014, averaging nearly $27,000/day, and surged to an annual average of around $50,000/day in 2015.   


MSI: OPEC’s cut is deepest for VLCC, Suezmax markets

 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.


DryShips Sails Back into Tanker Market with Two Modern Vessels

Image: DryShips Inc

 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:  


Chennai Oil Spill: DG Shipping Institutes Inquiry

Pon Radhakrishnan. Photo: Official Page in Twitter

 Days after the unexpected cargo ships collision outside the Kamarajar Port in Chennai (Tamil Nadu State, India), the Directorate General (DG) of Shipping has instituted an inquiry regarding the same.   Two vessels namely, M.T. BW Maple carrying LPG and M.T


Teekay Renews Shuttle Tanker VSAT Contract

(Photo: Marlink)

Marine energy transportation, storage and production company Teekay will continue to utilize Marlink’s Sealink VSAT solution across its entire shuttle tanker fleet, following a recent contract extension and upgrade.    Teekay


Pirates Kidnap Cargo Ship Crew Nigerian Waters

Pirates have kidnapped seven Russians and one Ukrainian after attacking the cargo ship the BBC Caribbean off the coast of Nigeria, the Russian embassy said on its official Twitter account. The embassy has asked Nigerian authorities to assist in locating the abducted people


Global Study into use of Wind, Solar Power on Ships

EnergySail Test Station Photo Eco Marine Power

In co-operation with several shipping companies and technology partners, Eco Marine Power (EMP)has begun a detailed study focused on the practical applications of its patented EnergySail and Aquarius MRE technologies. The study will cover the engineering aspects of installing an EnergySail or


Frontline Says Offer for DHT Remains 'Compelling'

Photo: DHT Holdings

Oil tanker firm Frontline reiterated its all-share offer for smaller rival DHT Holdings on Thursday despite the latter's rejection. Last month Frontline made a non-binding offer to acquire all DHT's outstanding shares in the hope of creating the largest private tanker firm in the world


Asia, Mideast Product Tankers Idled on Oversupply

File Image: Credit BMT

Lower product shipments from India, Mideast; diesel comes off floating storage, frees up ships.   Dozens of tankers used to carry refined oil products are sitting idle in Asia and the Middle East as slow trade and an oversupply of ships have cut daily earnings to as little as a fifth of


SCI's profits Rise

Courtesy SCI

The Shipping Corporation of India Ltd (SCI) has reported a net profit of Rs.7.25 crores for the financial quarter ended 31st December 2016 (Q3 FY16-17) as compared to a loss of Rs. 20 crores reported during the quarter ended 30th September 2016 (Q2 FY16-17)


TEN declares cash dividend

Photo TEN

TEN Ltd. a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared a cash dividend of $0.546875 per share for its 8.75% Series D Cumulative Perpetual Preferred Shares (the "Series D Preferred Shares"; NYSE; TNPPRD) for the period from


Scorpio Tankers Reports 4Q Loss

Photo: Scorpio Tankers

 Scorpio Tankers has reported a fourth-quarter loss of $29.7 million or a loss of 18 cents per share.   The shipping company posted revenue of $106.1 million in the period, also exceeding Street forecasts.    Scorpio Tankers sharply reduced its quarterly dividend by 92% to


Gulf Navigation on Recovery Path

Photo: Gulf Navigation

 Dubai-based shipper Gulf Navigation announced its best annual results for eight years, on account of the improvement in spot tanker rates and the reclassification of liabilities.   In a statement, the company said it had benefitted from ‘strong and consistent financial


Odfjell Returns to Profit

Photo: Odfjell SE

Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened.






 
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