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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

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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


Miko Magnetic Patches Pioneer New Repair Technique

MIKO - HEAT RESISTANCE OF PATCHES

  BW Offshore has successfully used Miko magnetic patches in a pioneering new repair technique that creates significant time and cost savings. When some cracks appeared in hull plating in the engine room of the FPSO Abo operating off the Nigerian coast


Scorpio Tankers to Acquire Product Tanker

Courtesy Scorpio Tankers

  Scorpio Tankers Inc. announced today that it has entered into an agreement to purchase an MR product tanker. The Company reached an agreement with an unrelated third party to purchase an MR product tanker that was built in 2014 at SPP Shipbuilding Co., Ltd


NewLead Holdings Announces Commercial Competency of MT Sofia

MT Sofia Photo Newlead

   NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet. The Sofia is a 2008-built bitumen tanker vessel of 2


Korean Registry Okays Transas ECDIS

Certificate issued by the Korea Marine Equipment Research Institute proves the systems compliance with all ECDIS-related regulations

  Transas, one of the world's leading providers of integrated navigation solutions, received ECDIS type-approval from the Korean Registry (Korea Marine Equipment Research Institute), making Transas one of a few companies holding an ECDIS certificate from the South Korean maritime authority


Bosphorus Strait Closed after Vessel Allides with Villa

A cargo ship ran aground and smashed into a villa on Turkey's Bosphorus Strait on Tuesday, forcing maritime authorities to close the key waterway to transit traffic, shipping agency GAC said. The 105 metre Sierra Leone-flagged Majed & Randy had no pilot on board when it suffered a rudder


Piracy Attack on Small Tankers Continues - ICC

Photo IMB Piracy Reporting Center

  Published today, a new report from the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) highlights a continuing trend in South East Asia in the hijacking of small coastal tankers by maritime pirates, averaging one attack every two weeks.


DHT Holdings Changes Dividend Policy

DHT Ann, a 309,327dwt VLCC owned by DHT (Photo: DHT Holdings)

Crude oil shipper DHT Holdings, Inc. announced it has changed its policy regarding dividend and capital allocation. As a result of the current tanker market, DHT’s new plan will see the company return at least 60 percent of its ordinary net income (adjusted for extraordinary items) to


Intertanko Protests Nigeria Tanker Ban

Photo: Intertanko

 Intertanko has issued a strong protest against Nigeria's decision to ban 113 tankers from its coast.   Nigeria's state oil company NNPC has recently banned 113 oil tankers from the country's waters, citing a directive from President Muhammadu Buhari


INTERTANKO Demands End to Nigeria Tanker Blacklist

A ban on 113 oil tankers by Nigerian state oil company NNPC must be lifted immediately as no grounds have been given for the measure, the global oil tanker industry association said in a letter of protest. NNPC issued a letter on July 15, citing a directive from President Muhammadu Buhari


Iran: Condensate, Fuel Oil Stored Afloat

Iran says it is storing condensate and fuel oil, not crude; some traders believe crude is being stored. As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil.


Iranian Officials Say Condensate and Fuel Oil on Ships

As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil.   The millions of barrels on ships could be delivered quickly to Iran's customers once sanctions are lifted and some


Navig8 Amessi joins the Delta8 Pool

Navig8 tanker

  Navig8 Chemicals is pleased to announce the delivery of Navig8 Amessi, the eleventh of eighteen ECO 37,000dwt chemical tankers constructed at Korea's Hyundai Mipo Dockyard ("HMD"). We welcome the latest addition to our growing pool:


Tanker and Cargo Ship Collided in Shanghai

Waigaoqiao port. Photo by China Harbour Engineering Company Ltd.

 General cargo vessel "Jiang Xia Xiang" collided with the tanker "Bai Chi" on July 23, 2015, at 1 a.m. in the Wusong area, Shanghai, on the Yangtze river.    The cargo ship was loaded with 7000 tons of stone, the tanker was carrying 30000 tons of crude oil


NAT Buys 2 Suexmax Tankers

Nordic American Tankers Limited (NAT) acquires two modern Suezmax tankers, increasing the fleet to 26 vessels    Tanker shipping company NAT announced that it has agreed to acquire two Far East built Suezmax tankers for a total price of approximately $122 million.  


New Tanker Delivered to Ardmore Shipping

Ardmore Chinook (Photo: Ardmore Shipping)

25,000 DWT IMO 2 product and chemical tanker ship, Ardmore Chinook, joins Ardmore fleet   Ardmore Shipping Corporation announced that its latest newbuild tanker vessel, the Ardmore Chinook, was delivered by Japanese shipbuilder Fukuoka Shipbuilding Co






 
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