Teekay Tankers Ltd. reports results for the three months ended June 30, 2012, pays out reduced dividend compared to Q1. Excerpts from the quarterly report follow: In June 2012, Teekay Tankers completed the previously announced acquisition from [parent company] Teekay Corporation of 13 double hull conventional tankers, including seven crude oil tankers and six product tankers. "After the completion of our 13-vessel acquisition from Teekay Corporation in June, we continue to focus on managing employment of our significantly expanded fleet to achieve the right balance of downside protection through fixed-rate coverage and upside through spot market exposure," commented Bruce Chan , Chief Executive Officer of Teekay Tankers. Mr. Chan added, "Through this period of seasonal and cyclical spot tanker market weakness, Teekay Tankers remains financially well-positioned with over $386 million of available liquidity and no significant debt maturities until 2017." Reportedly crude tanker rates softened during the second quarter of 2012 due to a combination of tanker supply growth, reduced tanker demand and seasonal factors. According to the International Energy Agency, global oil demand declined by 0.6 million barrels per day (mb/d) during the second quarter due to refinery turnarounds in both the Atlantic and Pacific basins.
Intertanko’s Tanker Officer Training Standards (TOTS) initiative has won the Seatrade Award for the category of Investment in People which recognizes a significant contribution to the recruitment, training, retention and advancement of the industry’s most valuable asset, its people. Launched in April 2008 during intertanko’s Istanbul Tanker Event, TOTS is a core competency-based training system for tanker officers which aims to raise the bar over and above the minimum
There are currently three large tankers under repair at Bahrain’s Asry – the 284,889 dwt VLCC Al Samidoon and the 285,117 dwt VLCC Al Shuhadaa, both owned by Kuwait Oil Tanker Co (KOTC), the 305,783 dwt ULCC Orion Star, owned by Vela International, and the 238,898 dwt VLCC Progress, owned by Greece’s Dynacom. Other ship currently under repair include the 13,143 dwt tanker UVO XX, PNSC’s 99,358 dwt tanker Shalamar, Odfjell’s 37,221 dwt tanker Bow Clipper, the 44,954 dwt tanker QUDS B7
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000/day range, says a Clarksons study. But the market remains nervous. This tanker pick-up coincided with a slump in dry bulk earnings, which is interesting because on paper bulkers and tankers both seem to have surplus capacity. So why are tankers doing so much better than bulkers?
Norwegian shipping group Bergesen said on Friday it had made an preliminary agreement to sell four tankers to a consortium led by tanker operator Frontline. Bergesen said in a statement the deal, which included two tankers and contracts to build two new tankers, would give the company a profit of about $42 million. The sales price of the two tankers was $164 million, while the new contracts had a total value of $157 million, it said.
Scorpio Tankers Inc. says 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. The purchase price of the vessel is $37.1 million with delivery expected in September 2014. In addition Scorpio Tankers reports that it recently took delivery of two MR product tankers, STI Dama from SPP and STI Olivia from Hyundai Mipo Dockyard of South Korea
It has been about fours months since the deal was sealed for PT Berlian Laju Tanker to acquire Chembulk Tankers—the 21st Century Chemical Tanker Company, and the vision of the acquisition is being realized. The addition of 19 new chemical tankers, coupled with the strong Chembulk management team, results in an organization that boasts the third largest stainless steel chemical tanker company in the world
Kinder Morgan, Inc. is expanding its growing fleet of Jones Act product tankers having signed a definitive agreement valued at an all-in price of $568 million with Philly Tankers LLC to take assignment of contracts for the construction of four, new 50,000-deadweight-ton, Tier II tankers to be constructed at the Aker Philadelphia Shipyard in Philadelphia, Pennsylvania. The transaction requires approval of shareholders holding 80 percent of the shares of Philly Tankers AS
General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics (GD), has entered into a contract with an affiliate of American Petroleum Tankers (APT), a wholly owned subsidiary of Kinder Morgan Energy Partners, L.P. (KMP), for the design and construction of an additional 50,000 deadweight ton LNG-conversion-ready product carrier with a 330,000 barrel cargo capacity. Construction is scheduled to begin the fourth quarter of 2015, with delivery scheduled for the second quarter of 2017
McQuilling Services has recently published its bi-annual Tanker Market Outlook which forecasts freight rates for all tanker sectors on the main routes through 2008. Tanker Demand The demand for tankers is a derived demand, being driven by the demand for oil where the latter is directly related to the level of regional and global economic activity. Oil is expected to remain the dominant energy source for the world through 2025 and overall demand growth has been projected by the U.S
The Hamburg headquartered John T. Essberger (JTE) Group will migrate the primary communication systems of its entire fleet to Sealink, Marlink’s global maritime broadband VSAT service. The Installation on 22 chemical tankers and nine dry cargo vessels is expected to be completed by the end
Chemical shipping company Navig8 Chemical Tankers Inc. has taken delivery of its first stainless steel chemical tanker, the Navig8 Sirius, from Japanese shipbuilder Kitanihon Shipbuilding Co. Ltd. Navig8 Sirius is a 25,000 DWT stainless steel chemical tanker.
The U.S. Coast Guard medevaced an ailing crew member Saturday from a tanker off Virginia Beach. Coast Guard watchstanders at the 5th District Command Center in Portsmouth received a call from the 574-foot, Japanese-flagged chemical tanker Buccoo Reef at about 2:30 a.m
A 599-foot Norway flagged chemical tanker Champion Ebony ran aground near Nunivak Island, Alaska on June 24. U.S. Coast Guard Sector Anchorage watchstanders received a report from the National Response Center that the vessel ran aground carrying approximately 14
Earlier this week spot returns in the VLCC market touched their lowest level since October 2014, with TCE earnings for Middle East/Japan (TD3) falling close to $20,000/day, says Gibson Weekly Tanker Market Report. The current weakness has been essentially driven by the build-up of
The rules of the Russian Maritime Register of Shipping are in conformity to the International Maritime Organization (IMO)goal-based standards (GBS), the IMO’s Maritime Safety Committee (MSC) confirmed at its 96th session held in London from May 11-20, 2016.
Around 47 MidEast charters fixed for July loading so far; older tonnage and new vessels a drag on freight rates. Freight rates for very large crude carriers (VLCCs) are set to nudge higher next week after moving above nine-month lows on increased charters this week, ship brokers said on Friday
The first dual-fuel two-stroke engine employing the low-pressure X-DF gas admission technology developed by Winterthur Gas & Diesel (WinGD) has passed the final milestone in its evolution from a technical concept to commercial operation as a marine main engine.
Slowing growth in the size of the shipping fleet will reduce the shortage of officers over the coming years, according to the latest Manning report published by global shipping consultancy Drewry. The global shipping fleet – encompassing all sectors except the non-cargo
The first dual-fuel two-stroke engine employing the low-pressure X-DF gas admission technology developed by Winterthur Gas & Diesel (WinGD) passed the final milestone in its evolution from a technical concept to commercial operation as a marine main engine.
Tsakos Energy Navigation Ltd. (NYSE:TNP) has taken delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately
Oman Oil Company Exploration & Production LLC (OOCEP) shipped its first crude oil cargo from the Musandam gas plant (MGP) with the support of UAE-based Marsol International. OOCEP, a subsidiary of Oman Oil Company S.A.O.C exported 300,000 barrels of crude oil as part of the operation
Nordic American Tankers Limited (NAT) has today taken delivery of Nordic Castor, the second of four secondhand Japanese-built Suezmax tankers acquired in May 2016. The first of the four vessels, Nordic Luna, was delivered June 1, and the third vessel is expected to be delivered near the end of
Russia's Rosneft and Italy's shipping company Pietro Barbaro have agreed to jointly develop international sea freight operations, as the oil group has been aiming to expand its shipping business. Rosneft (represented by RN-International projects) and Pietro Barbaro S.p.A
Mitsui O.S.K. Lines (MOL) has introduced ClassNK Consulting Service’s condition-based monitoring (CBM) system ClassNK CMAXS e-GICSX on the M/V Taranaki Sun, marking the system’s first commercial application. The ClassNK CMAXS e-GICSX CBM system first collects large amounts of voyage