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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)


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


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.   


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


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.


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


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


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 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


Philly Shipyard Delivers APT Tanker

Courtesy Philly Shipyard

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Endurance, the first of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc.


Tough Times in Shipping Fleet Demolition

 Strong demolition has been a prominent feature of the shipping industry this year, as challenging market conditions continue to drive a significant supply-side response in a number of sectors, says Clarksons Research.   Across the total shipping fleet


Seatrans Ship Management and DNV GL ink ECO Insight contract

(From left to right) Gisle Rong, Managing Director of Seatrans Ship Management, Petter Andersen, Principal Consultant Performance Solutions at DNV GL, Henning Rebnord, Technical Superintendent at Seatrans Ship Management and Janicke Juvik, Key Account Manager at DNV GL.. Photo by DNV GL

 The Norwegian company Seatrans Ship Management has signed up 20 vessels to the DNV GL fleet performance management solution ECO Insight. The contract covers 13 chemical tankers and seven dry-cargo vessels.   “We need to have full insight into the performance of our fleet and use


DNV GL On Regulatory Developments and Tanker Market

The participants of the DNV GL Tanker Working Group in Hamburg. Photo by DNV GL

 DNV GL’s Tanker Working Group looked at the latest trends in the tanker segment with a special focus on the impact of upcoming emissions regulations at its 31st meeting in Hamburg recently.    Some 25 representatives from the tanker industry met with DNV GL experts in the


Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered


Partners to Build LNG Dual-fuel Bunker Ship for Singapore

Harley Marine International Holdings Pte. Ltd. said it has signed an MoU with Pavilion Gas Pte. Ltd, Mitsui O.S.K. Lines, Ltd. (MOL), and Mitsui & Co., Ltd. (Mitsui) to build the first liquefied natural gas (LNG) dual-fueled bunker tanker for Singapore.  


Frontline Sees Limited Effect on Demand From 'Balanced' OPEC Cut

* Crude oil tanker firm Frontline says a potential "balanced cut and cap from OPEC", as suggested by some analysts, is not expected to have a large impact on the tanker market * Says significant volume cuts by OPEC, although unlikely, would be negative for tanker freight demand


Asia Tankers-VLCC Rates May Hit Multi-Month Highs

File Image of a VLCC (CREDIT: EURONAV)

VLCC rates last week hit highest since April, May; balanced tonnage supply-cargo demand support rates. Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs last week, could climb further if there is a flurry of pre-Christmas chartering activity


Abu Dhabi Ship Building Expands Portfolio

Mid Osprey, a 140m chemical tanker, is undergoing major repairs including the refurbishment of the ship’s accommodation. Photo Abu Dhabi Ship Building

Abu Dhabi Ship Building PJSC (ADSB), a leading provider of construction, repair and refit services for naval, military and commercial vessels, has expanded its customer portfolio to now include chemical tankers. ADSB welcomed its first chemical tanker at the new drydock facility at Mina Zayed


Navig8 Receives 8th Interline-Coated Tanker

Courtesy NAVIG8 CHEMICAL TANKERS

Navig8 Chemical Tankers Inc. today announced that it has taken delivery of the Navig8 Tanzanite, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”), the final 49,000 DWT IMO2 Interline-Coated vessel from the Company’s


FORAN Design Wins Korean Universities' First Prize

FORAN Design Awarded First Prize in Korean Universities Contest Photo FORAN

Hae-Jun Ji and his team of other sophomores and juniors at the Naval Architecture and Ocean Systems Engineering department of the Busan-based Korea Maritime and Ocean University (KMOU) won the first prize in the 25th National Ship Design Contest for University Students organized by the Society of


Stolt-Nielsen Acquires Jo Tankers

Courtesy Jo Tankers

Stolt-Nielsen Limited announced today that it has completed its previously announced acquisition of the chemical tanker operations of Jo Tankers, consisting of 13 chemical tankers and a 50% share in a joint venture with eight chemical tanker newbuildings, representing an enterprise value of $575


Sovcomflot Inks $180 Mn Credit for Two Shuttle Tanker

Memorandum signed by Sovcomflot and Sberbank Photo SCF Group

On 23 November 2016, Sovcomflot and Sberbank signed a memorandum of understanding (MOU) paving the way for a new USD 180 million long-term credit agreement with a term of up to 15 years. On behalf of the parties the MOU was signed by Sergey Frank, Chairman and CEO of Sovcomflot, and Herman Gref


Russian Tankers Smuggle Jet Fuel to Syria

Russian tankers have smuggled jet fuel to Syria through EU waters, bolstering military supplies to a war-torn country where Moscow is carrying out air strikes in support of the government, according to sources with knowledge of the matter.  


Indian Master Receives 2016 IMO Award for Exceptional Bravery at Sea

Captain Radhika Menon, Master of the oil products tanker Sampurna Swarajya, received the 2016 IMO Award for Exceptional Bravery at Sea for the rescue of severn fishermen during a severe storm. Photo: International Maritime Organization (IMO)

 The Master of an oil tanker who says she was “just doing her job” has received the highest International Maritime Organization (IMO)  bravery recognition for saving the lives of seven fishermen from a sinking fishing boat during a tumultuous storm in the Bay of Bengal in






 
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