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
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.
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
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’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?
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
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
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
Worldwide, International Maritime Bureau (IMB) recorded 37 piracy and armed robbery incidents in the first quarter of 2016, down from 54 in the same period last year. Three vessels were hijacked and 29 boarded, with 26 crew kidnapped for ransom and a further 28 held hostage.
India has instructed an Indian-flagged oil tanker that has been blacklisted by the U.N. not to discharge its cargo of crude oil from Libya's rival eastern government and to await instructions from the United Nations, a senior Indian government official said on Thursday.
An Indian-flagged oil tanker is returning to Libya, the North African country's rival oil corporation said on Thursday, after its failed first attempt to export crude oil led to the ship being blacklisted by the United Nations Security Council.
Singapore's Maritime and Port Authority (MPA) have revoked two bunker suppliers' license to operate in the world's top bunker port. The two companies have, according to the authority, violated the terms and conditions for bunker activities in the port.
On Saturday, April 23, General Dynamics NASSCO hosted a christening ceremony for the second Jones Act ECO Class tanker for American Petroleum Tankers (APT) under construction at the company's shipyard in San Diego. U.S. Representative Scott Peters spoke at the ceremony
Inmarsat (LSE:ISAT.L), and Cobham SATCOM today announced that their partner Beijing Marine Communication & Navigation Company Ltd. (MCN) has won the largest Inmarsat Fleet Xpress installation project to date, with Nanjing Tanker Corporation of China
Iran all set launch a shipping line to Europe, North and South American countries, as sanctions against Iran’s shipping industry has been recently lifted. The Islamic Republic of Iran Shipping Lines (IRISL) has resumed its routes to various destinations across Europe
Indian-flagged tanker leaves port with 650,000 barrels. A government based in eastern Libya shipped its first cargo of crude on Monday in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that have brought chaos since the fall of Muammar Gaddafi.
Concordia Maritime has signed a new consecutive voyage contract for the P-MAX tanker Stena Polaris. The contract, which comes into effect in May 2016, is for one year. The contractual partner is one of the world’s largest oil and gas companies.
Six Turkish members of a cargo ship's crew who were kidnapped by pirates off the coast of Nigeria two weeks ago have been released and are safely back in Istanbul, a lawyer for the shipping company said on Tuesday. "The six of them have been released and are back in Istanbul
Aiming to provide niche control over managed/owned vessels, Indian maritime based software provider Orion Marine Concepts has released a strategic intelligence software suite approved by DNV GL. Orion Marine along with Chembulk Tankers
As piracy on the world’s seas continues to fall, new figures from the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) highlight growing violence off the coast of West Africa, where 44 seafarers have been captured so far this year.
The Great Eastern Shipping Company has entered into an agreement to cancel the new building Kamsarmax which was scheduled for delivery in FY 18 (contract signed in FY 14). Simultaneously, the Company has contracted for purchase of two newbuilding resale Kamsarmaxes being built at the same
The United Nations Security Council Libya sanctions committee blacklisted on Wednesday an Indian-flagged tanker carrying crude oil shipped by the rival eastern Libya government, said diplomats, which would prevent it from entering any ports.
Argentina's oil producers have shipped record volumes of crude this month, spurred by a new government subsidy that has also prompted state-owned oil company YPF to return to the export market for the first time in years. The surge in shipments abroad comes just a month after Argentina's