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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


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


Tankers Versus Bulkers

Graph: Clarksons Research

 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?  


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.


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


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


Kinder Morgan Buys Four Newbuilding Resales

Photo Aker Philadelphia Shipyard

  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


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


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


Veg Oils Can Benefit Tankers

Graph by Clarksons Research

 A number of product tankers, with certain characteristics, can carry edible oils (also called veg oils) as well as oil products, meaning that veg oil trade should not be overlooked when considering potential sources of product tanker demand, reveals a report by Clarksons Research.  


Worldscale Flat Rates to Fall Again

Graph: E A Gibson Shipbrokers Ltd

 The concept of Worldscale is not an easy principle to grasp, particularly for those outside the tanker industry, says Weekly Tanker Market Report by Gibson.   The task gets even more complicated as Worldscale flat rates are reset at the start of each year due to fluctuations in


What is Happening to Suezmax Rates in 2016?

Graphs: Poten & Partners

 Several years ago, the main market for Suezmax tankers was the West Africa to North America trade. When this market dried up in the period from 2012 to 2014/15, it looked like the Suezmax fleet was in for hard times. Tanker Research & Consulting department at Poten & Partners takes a


How Rapid is the Fleet Growth?

Graph: Clarksons Research

 During July 2016, the containership fleet reached a landmark 20 million TEU in terms of aggregate capacity, says Clarksons Research.   To many it only seems like yesterday when the boxship fleet passed the 10 million TEU mark, back in April 2007


Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday. An accident with coastal tanker Trident Star caused the oil spill on Wednesday, they said.


Sovcomflot Profits slip

Projects - The company services large-scale energy projects in Russia and abroad, including Sakhalin-1, Sakhalin-2, Prirazlomnoye, Varandey, Tangguh and Peregrino.

Reviewing the company’s financial and operating results for the first half year ended 30 June 2016, on 23 August 2016, the Executive Board of PAO Sovcomflot (“SCF Group”) noted that despite a tanker market downturn, the company was able to demonstrate strong performance and


This Day In Naval History: August 25

1864 - CSS Tallahassee, commanded by Cmdr. John Taylor Wood, returns to Wilmington, N.C. to refuel on coal. During her more than two week raid, CSS Tallahassee destroys 26 vessels and captures seven others.   1927 - USS Los Angeles (ZR 3) rises to a near-vertical position due to the sudden


Navy Discovers Malaysian Tanker

MT Vier Harmoni . Photo: Vierlines Commercial Division

 Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.   The navy said in a statement that the MT Vier Harmoni with 10 Indonesian crewmen was found off West Kalimantan


Big Tankers' Need for Retrofit Slows Use of New Panama Canal

Photo: Panama Canal Authority

The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected because many ships must first undergo inconvenient retrofits to transit through the new locks, shipping industry experts said.  


Russian Tanker Detained in Malaysia

File Photo: Malaysian Maritime Enforcement Agency

 The Malaysian Maritime Enforcement Agency (MMEA) detained a Russian oil tanker Zolotoi Most along with 25 crew members for anchoring off Tanjung Piai without authorization, says a report in the Sputnik.   "The Malaysian Maritime Enforcement Agency has confirmed the detention of


China Receives First American LNG Cargo

Apollonia passes through the Panama Canals locks on its way to Asia. Photo: Shell

 The first cargo of US liquefied natural gas (LNG) to target the world’s largest energy consumer arrived Monday at the Chinese port of Yantian in Shenzhen near Hong Kong.   The cargo was brought onboard the 161,870-cbm Maran Gas Apollonia


SCI to Buy Vessels for $134m

Photo by  Shipping Corporation of India.

 India's largest shipping company  Shipping Corporation of India (SCI) has earmarked Rs 900 crore ($134m ) capex for the current financial year even as business climate remains grim for the industry across globe mainly because of availability of low-priced assets in the market


Tanker Market: ‘New Normal’ Drives Downbeat Summer Sentiment

Antigone (Photo: Euronav)

The tanker market is forecast to see challenging conditions with technical and structural factors impacting earnings, according to independent research and consultancy firm Maritime Strategies International (MSI).   In its latest Tanker Freight Forecaster


Will Vessel Prices Continue Relentless Slide?

Graph: Poten & Partners

 Tanker Opinions, published Poten & Partners says that, for a shipowner, there are usually a few twists to the traditional capital budgeting process.   A shipowner that is deciding whether to invest in new capacity has at least three other factors to consider: (1) his


First Suezmax Tanker Transits Expanded Panama Canal

Photo: Panama Canal Authority

The first Suezmax crude oil tanker that was slated to go through the newly expanded Panama Canal began its transit on Thursday, a public relations official told Reuters.   The Aegean Unity, a Greece-flagged Suezmax vessel coming from the U.S






 
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