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
Norway based shipping and tank terminal company Odfjell SE said its Senior Vice President Helge Olsen will step down from his role as Head of Ship Management, effective January 9, 2017. Olsen, who has been with the company since 2000, holds no Odfjell shares or options.
Grand Bahama Shipyard said it enjoyed a busy 2016, performing repairs, refurbishments and retrofits on vessels from all segments of the commercial maritime industry The Caribbean shipyard Grand Bahama Shipyard Limited (GBSL) worked on 49 commercial vessels and 20 cruise ships throughout
DHT Holdings, Inc. said that during a routine inspection of the DHT Jaguar, a fracture surrounding the inspection window of the rudder was identified. It is DHT's policy to inspect all newbuildings, including underwater areas, during their respective warranty periods.
The Stena Immaculate, the ninth vessel in a series of 13 new IMOIIMAX MR tankers, was named January 10, 2017 at a ceremony at China’s Guangzhou Shipbuilding International (GSI). A large number of guests, from both corporate management and partners as well as representatives of the
The shipping market in 2016 and looking forward The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers
The Great Eastern Shipping Company Limited (GE Shipping) has signed contracts to buy 2 Suezmax crude Carriers of about 157,000dwt each. The 2010 and 2011 built vessels are expected to join the company's fleet in Q4 FY17.
2017 will see another year of die-hard competition, which now includes tankers, says International shipping association Bimco. The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since
Swedish tanker company Tarbit has signed a contract with Logimatic to implement SERTICA on its entire fleet. Tarbit currently operates 14 tanker vessels and has ordered two new vessels, which brings them to a total fleet of 16 vessels in 2017
Inchcape Shipping Services (ISS), the world’s leading maritime and logistics service provider, has greatly expanded its European business with Team Tankers International with a new port agency contract across the region. Under the new agreement with the chemical tanker specialist
Nearly 300 tonnes of oil spilled into the narrow strait separating Singapore and Malaysia after a collision between two container vessels, the Singapore Marine Port Authority (MPA) said on Wednesday. There were no reports of injuries and 12 anti-pollution craft had been sent to clean up
Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. This year 18 ships in total were honored, including many “world firsts.” Ternsund - LNG fueled tanker with Direct Drive Permanent Magnet Shaft
Dirty Tankers Asia’s crude tanker market faces the double whammy of a flood of newbuild deliveries and a cut in OPEC production in Q1 2017. On the supply side, net capacity growth is estimated to be around 5 percent for VLCCs, 9.6 percent for Suezmaxes and 7 percent for the Aframaxes/LR2
Turnover increased 17% in 1QFY17 driven by contributions across its diverse range of product offerings Difficult market conditions and different mix of products has led to compressed margins Successful diversification of product range and client base while maintaining excellent quality
There have been plenty of record breaking facts and figures to report across 2016, unfortunately mostly of a gloomy nature, says Clarksons Research. From a record low for the Baltic Dry Index in February to a post-1990 low for the ClarkSea Index in August
Kicking off the New Year, VesselsValue has put together a list of the top 10 ship owning nations by fleet value in 2017. Greece - $84.079 billion Japan - $80.169 billion China - $68.333 billion Singapore - $38.052 billion