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.
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
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.
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
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
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
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
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
India's federal cabinet has approved state-run Shipping Corporation of India's proposal to acquire four Aframax tankers of 110,000 DWT each. The cabinet approval also permits SCI to borrow up to 80 percent of the vessel contract price from the international market. The four tankers will be acquired at a price of $35.76 million each on cash basis from South Korea's Hyundai Heavy Industries. The Aframax tankers will augment SCI's crude tanker tonnage to meet increased demand for crude oil
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
Nordic American Tankers Limited (NAT) Chairman and CEO, Herbjorn Hansson, Issued a letter to shareholders addressing the yearend rally in the crude tanker market and strongly increased rates. Dear Shareholder, As we approach the end of the year
Crowley Maritime Corporation awarded two Thomas B. Crowley Sr. Memorial scholarships to United States Merchant Marine Academy (USMMA) cadets Christopher Anthony and Thomas Treat during the 2013 Containerization and Intermodal Institute’s Connie Awards luncheon in Newark, N.J. yesterday
Another active week in the newbuilding market is reported in the latest Clarkson Hellas S&P Weekly Bulletin, as follows: Dry Bulk Carriers Starting with the larger sizes Hyundai Merchant Marine (HMM) are understood by Clarkson Hellas to have placed an order for two firm 210
The Tanker Structure Cooperative Forum (TSCF) has elected Hayato Suga as its next Chairman at a recent Steering Committee Meeting. Hayato Suga is the General Manager of ClassNK’s Natural Resources and Energy Department and one of ClassNK’s foremost experts on tanker vessels.
The oil tanker “Energena’ managed by Gulf Stolt Ship Management and currently undergoing maintenance at Drydocks World, will become the first commercial vessel to sail under the UAE flag , reports 'Trade Arabia'. The Tasneef (Emirates Authority for Classification) classification
Scorpio Tankers Inc. has announced that it has entered into agreements for the construction of seven Very Large Crude Carriers (VLCCs) and entered into an agreement with an unaffiliated third party to issue shares in exchange for the transfer of ownership to the company of four MR product tankers
Emirates classification society Tasneef has classed its first commercial vessel. The 96,214 dwt oil tanker Energena is jointly-classed with Italian classification society Rina. Yesterday His Highness Sheikh Majid Bin Mohammed Bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority
The Tanker Safety Expert Panel, an independent panel appointed to review Canada's current tanker safety system and to propose measures to strengthen it, has released its report: 'A Review of Canada's Ship-Source Oil Spill Preparedness and Response Regime—Setting the Course for the Future.'
Northrop Grumman Corporation is introducing the VisionMaster FT Electronic Chart Display and Information System-E (ECDIS-E), a new cost-effective navigation solution for commercial tankers, container ships, bulk carries and passenger ferries including retrofit installations.
Amongst the latest listing of US Department of Defense, Navy, contracts, the existing time charter of a U.S.-flagged, ice-class certified, double-hulled product tanker of Maersk Line Ltd. of Norfolk Va. is extended. The $14,223,440 modification is under a previously awarded firm-fixed-price
In response to the ongoing threat of piracy in shipping, France and Japan are allowing armed guards on their ships, said U.K. maritime security company GoAGT. Gerry Northwood OBE, Chief Operating Officer for the company, said, “Countries that have not adopted these procedures yet should
Kuwait Oil Tanker Company (KOTC) has put into service a new VLCC and named another as part of a strategy aimed at increasing its tankship fleet to 30 by the end of 2014, reports the Kuwait News Agency. KOTC Chief Executive Officer Sheikh Talal Al-Khaled Al-Ahmed Al-Sabah inaugurated the enormous
Wärtsilä received an order to supply complete main propulsion systems for six new chemical tankers. The ships are being built at the Hudong-Zhonghua Shipbuilding Group yard in China on behalf of Stolt Tankers B.V., the operator of one of the world's largest chemical tanker fleets and a
Nordic American Tankers Limited inform that, in connection with its previous public offering of 8,125,000 common shares at a public offering price of $8.00 per share, the underwriters have exercised a portion of the option granted to them by the Company and will purchase an additional 1,018
The vetting inspections of tankers by oil companies are proliferating in frequency, rising steadily in cost and, at an estimated $300m a year, are well on the way to running out of control, claim Intertanko as follows: The Ship Inspection Report (SIRE) programme developed by the Oil Companies