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Teekay Tankers Post Loss in Q2 2012

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.


Seatrade Award for Intertanko

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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


Bergesen Agrees to Sell Four Tankers To Frontline Consortium

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.


ASRY Fixes 3 Large Tankers

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


Chembulk Announces New Leadership

Chembulk Kings Pointweb.jpg

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


Scorpio Tankers' Latest Newbuilding News

Tankship: Photo courtesy of Scorpio Tankers

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


New Tankers to Join KOTC Fleet

According to reports, eight new oil tankers will join Kuwait Oil Tanker Company (KOTC)'s fleet during 2007, said KOTC Chairman Abdullah Al-Roumi on Wednesday. The company said the new tankers will be delivered in stages between January and December 2007, to secure ample time for the company's experts to inspect and test the tankers well and make sure they match the agreed upon features. The offices supervising the building of the fleet, in South Korea and Singapore


Tanker Demand Forecast

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


Scorpio Tankers' Latest Fleet & Financial News

A Scorpio vessel: Photo courtesy of the owners

Scorpio Tankers says it has taken delivery of a new MR tankship, has authorized stock buyback, and declares a quarterly dividend. Details as follows: After delivery, the new tankship vessel began a one year time charter at a rate level consistent with current one year time charter contracts, which includes a profit sharing mechanism whereby earnings in excess of the base time charter rate will be split between the Company and charterer. Stock Buyback Authorization


NASSCO to Build Additional Tanker for APT

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


Asia Tankers-VLCC Rates Soar

Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key Asian route jumped to a three-month top this week, but prices are likely to soften as charterers hold back cargoes amid a slight


Strong Tanker Market Extends Peak Season High Earnings

BIMCO oil tanker earnings.jpg

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.   The demand for crude oil tankers remains high even though the winter months are far


SDARI Inks Agreement for INTERSCHALT Loading Software

Mr Hu Jintao, President of the chinese ship designer SDARI, (middle) and Mr Wang Jun, Director R&D Departmant at SDARI (left) agree with Mr Robert Gärtner, CEO of the maritime software provider INTERSCHALT, the co-operation for MACS3 loading computer.  (Photo: Interschalt)

INTERSCHALT maritime systems AG, a maritime software and services provider of loading computers on board containerships, signed a cooperation agreement with the Shanghai Ship Research and Design Institute (SDARI) in Shanghai for the provision of MACS3 loading software for containerships


MISC Says AET Tankers Unit Not for Sale

Photo: AET

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers. The company said, “Petroleum shipping is a core element of [MISC’s] current and ongoing business and, as such


Tanker Blast Kills Four at Belawan Port

Image: Belawan Port

 An explosion occurred on a tanker belonging to state-owned oil and gas company PT Pertamina on Monday evening while the ship was under repair at Belawan Port in North Sumatra, killing four workers.     Three victims died on the spot


Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days, said the official, asking not to be named. The terminal located in the eastern city of Tobruk had closed over the


MacGregor's Pusnes bow loading systems for Suezmax Tankers

The Pusnes bow loading system enables a shuttle tanker to safely and efficiently load oil from an offshore production or storage facility

  MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters. The order was booked into first quarter 2015 order intake.  


Suezmax Tankers Bullish

 Suezmax: By Palmali Group of Companies

Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa.   Suezmax fixtures out of the Caribbean rose by 48%, most of which headed to the US Gulf and East coast Panama.  


New CEO for Evergas

Mr. Steffen Jacobsen is appointed as CEO courtesy Evergas

  Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk. He brings a wealth of leadership experience in both commercial and technical management


New Tanker Designs Feature Reduced Ballast Capacity

Dalian Shipbuilding Industry China yard (Photo courtesy of Lloyd’s Register)

‘Clear Advantage’ tanker design series is reported to reduce ballast requirements by 40%. Ready to be built, the designs combine operational and environmental performance improvements   Dalian Shipbuilding Industry China (DSIC), Dalian Ocean Shipping Co


They said it ...

Joseph Bennett, EVP and Chief Investor Relations Officer, Tidewater, Inc., on rapid decline in oil pricing from mid-2014 to today.

“While the dry cargo market was depressed in most of 2014, the year ended with sharply increasing rates in the tanker market, and our tanker department generated the best results since 2008. The strong tanker market has continued into 2015.”


Scorpio Bulkers Confirms Vessels Selloff

Photo: Scorpio Bulkers Inc.

 NYSE-listed Scorpio Bulkers confirmed the sale of seven newbuildings for a total of $290mln  to an unnamed buyer, said a company press release.   The newbuildings comprise three capesizes and a kamsarmax bulk carriers, and three LR1 product tankers.   


Tug Crew Commended for Emergency Rescue Tow

Crew members of Crowleys tugboat Alert receiving USCG commendation (Photo: Crowley)

Crowley crews commended by U.S. Coast Guard for assistance during Kulluk emergency rescue tow   Captain Rodney Layton and his crew aboard Crowley’s Prevention and Response tugboat (PRT) Alert were recently recognized by U.S. Coast Guard (USCG) Capt


USCG Medevacs Man from Tanker 12 mi off Galveston

The new 45-foot response boat-medium boasts Courtesy USCG

  A Coast Guard boatcrew medevaced a 46-year-old man from an oil tanker in the Galveston Fairway Anchorage Wednesday evening. At approximately 3 p.m., Coast Guard Sector Houston-Galveston watchstanders received a phone call from the captain of the 580-foot Jupiter Ace stating that a


MISC may Sell AET Tanker Holdings

Eagle Kuching. Vessel Type: Aframax. By AET

  MISC Bhd  is selling AET Tanker Holdings Sdn Bhd, which owns a fleet of 74 crude oil and product tankers, to US-listed Teekay Tankers Ltd, reports local media.   AET is a wholly-owned subsidiary of Malaysia's MISC Bhd. and a major global shipowner and operator with a fleet of






 
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