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Tanker Charter Rates

NOL Expects It To Be A Profitable Year

Neptune Orient Lines Ltd. (NOL) expects a better second half and overall profit in the current year. NOL said the bottoming out of the Asian economic crisis had resulted in higher cargo volumes in most sectors. Freight rates out of Asia to Europe and North America had also increased since mid-year, it said in comments accompanying its result. NOL reported last Wednesday an interim net profit, the first time in two years, but results were disappointing as gains came mostly from non-recurring items. The national shipping giant reported a net profit of S$10.02 million for the six months ended June 30, 1999 against a net loss of S$240.76 million a year earlier. As expected, NOL reaped a net profit of S$285 million from the sale of its non-core North American stacktrain business unit, APL Land Transport Services Inc. in May. Container shipping operations accounted for 72 percent, chartering six percent, logistics eight percent and other investments, namely its stacktrain unit which it sold, 14 percent, NOL's director of corporate finance Cedric Foo said. Foo said the core container transportation activity achieved a 16 percent rise in liftings but overall container freight rates were flat for first half 1999. "The financial turnaround has began but I am not satisfied because afterall, we are talking about a net loss before non-recurring items," Flemming Jacobs, NOL's chief executive officer said.


Teekay Tankers' Q2 2013 Loss Attributed to Charter Market Changeover

A Teekay tankship in Suez transit: Photo courtesy of Teekay Tankers

Teekay Tankers Ltd. report an adjusted net loss of $6.3 million, or $0.08 per share, for the quarter ended June 30, 2013, compared to adjusted net income attributable to shareholders of Teekay Tankers of $0.9 million, or $0.01 per share, for the same period in the prior year. Teekay explain that the increase in adjusted net loss attributable to shareholders of Teekay Tankers is primarily the result of the change in employment of certain of the Company's vessels from fixed rates to lower spot


Navios Announce Delivery of Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels,  has announced  that the Nave Capella, a new building MR2 product tanker vessel of 49,995 dwt, was delivered from a South Korean shipyard on July 9, 2013. The Nave Capella has been chartered out to a quality counterparty for one year at a rate of $13,825 net per day.   Navios Acquisition also announced: •    Delivery of the Nave Pulsar


Asia Tankers-VLCC Rates Fall on Reduced Demand

MidEast VLCC rates fall nearly 30 Worldscale points this week; port congestion in Basra, China adding to market uncertainty. Freight rates for very large crude carriers (VLCCs) may drift lower next week on weaker sentiment among owners and reduced chartering demand ahead of the release of May's Middle East loading programme, brokers said on Friday. Rates plunged this week from a two-week high hit on April 1 on slower chartering activity that is expected to extend into next week.


Asia Tankers-VLCC Rates Slide

File Image: a large crude carrier transits the Suez Canal (credit: Suez Canal)

VLCC rates fall $10,000 in a week on dearth of cargo; demand fundamentals still appear favourable - Teekay CEO. Freight rates in Asian trades for very large crude carriers (VLCCs) are likely to slide further next week as charterers drip feed fixtures to dampen freight rates, ship brokers said on Friday. "I rather think charterers will play the same game as they have the last couple of weeks - fixing older tonnage and limiting cargoes as they try to squeeze freight rates


Omega Navigation Q2 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30, 2009, Omega Navigation reported total revenues of $16.7 million and Net Income of $3.4 million, or $0.23 per basic share, excluding a loss related to the termination of a purchase agreement


NOL Reports Half Profit of $1M

The tough economic situation and business environment has not prevented Neptune Orient Line from first half profits, as the company announced $11 million profits (albeit down 78 percent from 1H 2000 profits) on revenues of $2.3 billion (up 6 percent from 1H 2000 revenues.) In summarizing his company's results, Flemming R. Jacobs, NOL Group president and CEO, said "We have achieved much. We came from a difficult past and we are on the right track to return to full health


Asia Tankers-VLCC Rates Rising on Weather, Volume

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

MidEast VLCC rates jump by almost $13,000 a day; Basra cargos could increase daily rates by $9,000. Freight rates on Asian routes for very large crude carriers (VLCCs) are set to climb higher next week as unloading delays and weather-related port congestion in China tighten vessel supply on strong chartering activity, brokers said on Thursday. "The market is pretty hot. I don't think rates will climb into the sky, but there is a little bit more upside


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.   


Omega Navigation Takes Delivery of Tanker

Omega Navigation Enterprises, Inc. (has taken delivery of its second Panamax (LR1) double hull product tanker, the Everhard Schulte, to be renamed the Omega King. The Omega King is a Panamax (LR1) double hull product tanker of 74,999 deadweight tons (dwt), built by Hyundai Heavy Industries, South Korea in 2004. The acquisition was funded by in part from the net proceeds of the Company's initial public offering and debt under a senior secured credit facility provided by HSH-Nordbank AG.


GasLog Partners buy GasLog Greece

Photo: GasLog

 Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd.   The aggregate purchase price for the Acquisition will be $219 million


VLCC Rates to Remain Weak on Output, Tonnage Woes

© Björn Wylezich / Adobe Stock

Freight rates for very large crude carriers (VLCCs), which fell to a near six-month low on Thursday, will remain weak until the Asian refinery maintenance season gets completed, starting April-end.   "I haven't seen a collapse in rates like this for some time


Shipping Confidence Steady despite Industry, Political Pressures

© Federico Rostagno / Adobe Stock

Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.    In February 2017, the average confidence level expressed by respondents was 5


Market Volatility Affects Sovcomflot

Tanker SCF Baltica. Photo:  PAO Sovcomflot

 Russia’s largest shipping company PAO Sovcomflot (SCF Group) has announced its results for the full year to 31 December 2016 that the compay claims to be an example of 'robust strategy delivering solid results despite market volatility in 2016.'  


First LNG-fueled Aframax Tankers Ordered

Image: Hyundai Heavy Industries Group

Hyundai Heavy Industries Group reports $240 million order for the world’s first liquefied natural gas (LNG) fueled aframax tankers   Hyundai Heavy Industries’ shipbuilding affiliate Hyundai Samho Heavy Industries (HSHI) said it recently won a $240 million order to build four 114


TEN Strengthens Vessel Base

Photo: Tsakos Energy Navigation

 Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties.   


Asia Tankers-VLCC Weighed by Excess Tonnage

File Image (CREDIT: AdobeStock)

MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market.   Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in


Diana Containerships Reactivates Time Charter With OOCL

M/V Pucon. Photo: Diana Containerships Inc.

 Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that it plans to reactivate one of its Post-Panamax container vessels, the m/v Pucon.    The company also announced that, through a separate wholly-owned subsidiary


Asia Dry Bulk-Capesize Rates to Climb Again

File Image (CREDIT: AdobeStock)

Number of spot capesize cargoes double from January levels; Pacific capesize earnings now around $14,000 per day.   Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-month highs this week, are set to jump further next week on tight tonnage supply and


Asia Tankers-VLCC Rates Falling as Tonnage Outweighs Demand

File Image (CREDIT: AdobeStock)

Freight rates for very large crude carriers (VLCCs), which fell to five-month lows this week, are set to drop further as excess tonnage and an absence of port congestion weigh on the market, brokers said.   Supertanker charter rates, which are already below the breakeven levels for ship


TEN Announces Time Charter for Hercules I

Pic: Tsakos Energy Navigation

 Tsakos Energy Navigation (TEN), a leading diversified crude, product and LNG tanker operator, today announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company.  


Diana Shipping Announces Time Charter Contracts for Philadelphia

M/S Philadelphia. Photo:  Diana Shipping Inc

 Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia.   


Global Ship Lease Reports 4Q Loss

Pic: Global Ship Lease

 UK-based containership owner Global Ship Lease (GSL) has reported a fourth-quarter loss of $54.3 million, after reporting a profit in the same period a year earlier. It posted revenue of $41.4 million in the period.   Operating revenues for the year ended December 31, 2016 were $166


DHT Sells 18-year-old VLCC for $19.1 Mln

Crude oil tanker owner and operator DHT Holdings, Inc. said it has entered into agreement to sell the 1999-built very large crude carrier (VLCC) DHT Phoenix for $19.1 million.   The 18-year-old tanker has just completed a “highly profitable” one year time charter at $45


DryShips Opts for Second VLGC Newbuild

DryShips Inc., owner of ocean going cargo vessels, said it has exercised its second option under a previously announced option agreement to acquire up to four very large gas carriers (VLGCs) currently under construction at Hyundai Heavy Industries Co., Ltd. (HHI) for a purchase price of $83






 
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