Frontline Ltd. has sold the two VLCCs, Front Tartar and Front Tarim, both built 1993 to undisclosed buyers for an en-bloc price of $104 million. The two VLCCs were acquired in June 2000 at the price of $ 45 each and have since delivery traded successfully in the Tankers International Pool. The VLCCs will, by delivery to the new owners, have contributed, in addition to the gain on the sale, about $ 22 million to Frontline's net income in the years 2000 and 2001. The disposal of the vessels is part of Frontline's continuous fleet renewal, which includes five newbuildings to be delivered to the company in 2001 and 2002. The sale will improve Frontline's cash position with more than $40 million.
South Korea's Hyundai Heavy Industries has reportedly signed a memorandum of understanding with Overseas Shipholding Group Inc. to build two 308,000-ton VLCCs. A Hyundai official said the ship prices were confidential. The ships will be 335 meters long, 31 meters deep and 58 meters wide, and will be delivered between August 2001 and January 2002, Hyundai officials said.
Taiwan state-owned Chinese Petroleum Corp (CPC) is likely to award two VLCCs of West African crudes in its January tender, traders said. They said the grades to be awarded were the preferred grades which included Djeno, Forcados and Kole, but details of the offers were sketchy.
Iran has chartered a 555,000 dwt ULCC for floating oil storage to replace two VLCCs, tanker brokers said. The 1979-built Sea Giant is scheduled to be delivered in mid November for stationing off Kharg Island to replace the VLCCs Mountain Cloud (285,000 dwt) and Union (275,000 dwt) which will apparently be redelivered. The Sea Giant has been taken by the National Iranian Tanker Company (NITC) at around $15,750 a day on a monthly basis for up to 150 days, brokers said
Hyundai Heavy Industries (HHI) Gunsan shipyard is already fully booked for its first year of operation. The shipyard has taken orders for 12 vessels, one year worth of work.HHI signed a contract to build two VLCCs at the Gusan shipyard. With this order, the shipyard has 12 vessels worth a combined $1.3 billion in its orderbook. The other ten ships are Large Bulk Carriers. HHI also confirmed an additional contract for two Large Bulk Carriers to be delivered in 2011
Greek tanker operator Almi Tankers to install 'Ocean Saver' Ballast Water Treatment systems on a pair of VLCCs under construction at DSME The two 320,000 dwt vessels will join Almi’s fleet in July 2013 and November 2014 and are designed to meet highest environmental standards. Almi Tankers currently manages two Aframax LR2 vessels and three newly-built Suezmax crude oil carriers and is expecting the delivery of seven more Suezmaxes and two VLCCs by November 2014.
For the year 2000, Wärtsilä Corporation reports that 24 Sulzer RTA84T low-speed diesel engines with an aggregate power output of 713.4 MW (970,800 bhp) have been ordered for installation in very large tankers contracted at shipyards in China, Japan and South Korea. The engines will all be built by licensees of Wärtsilä in Japan and Korea. Altogether there are now 78 Sulzer RTA84T engines (including the -B and -D versions) delivered or on order, with a combined output of 2171.9 MW (2
Overseas Shipholding Group, Inc. reported net income for the quarter ended March 31, 2004 of $76,188,000, or $1.99 per share, an increase of 72% compared with net income of $44,235,000, or $1.28 per share, in the first quarter of 2003. EBITDA for the first quarter rose to $156,413,000 compared with $94,216,000 in the first quarter of 2003. "I am pleased to announce that OSG has been able to follow a record year in 2003 with record net income of $76 million in the first quarter of 2004
At the 5th Annual International Maritime Awards, presented at ShipTek, ABS received Marine BizTV’s award of Best Classification Society. The occasion marks the second year the society received the award. “Service delivery is paramount to our classification society,” said ABS Regional Vice President, Middle East Region, Joe Brincat. “We have maintained our focus on providing additional technical and software services to enhance our class services
Greek oil tanker operator, Almi Tankers S.A. has chosen OceanSaver Ballast Water Treatment solutions for its VLCCs currently under construction at Korea’s Daewoo Shipbuilding & Marine Engineering Co. Ltd. The 320,000 dwt vessels will join Almi’s fleet in July 2013 and November 2014 and are designed to exceed high environmental standards, reflecting client demand for clean & green operation
Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) has announced that the company has built additional training facilities and cabins on CADET training vessels and started a new onboard intensive training program, called Cadet Actual Deployment for Education with Tutorial (CADET Training).
AET takes delivery of a second 'eco-design' VLCC that is fully compliant with the IMO Ballast Water Management Convention. Named Eagle Varna, this 320,000dwt vessel is fitted with a range of innovative technology that significantly reduces its fuel consumption and associated emissions
The market continues to struggle, and Drewry's latest Tanker Insight report saw the Drewry Tanker Earnings Index suffer a further decline in February. Weak demand hammered freight rates on major routes, especially for the larger vessel segments
Exxon Mobil Corp. booked two tankers to haul oil to the U.S. Gulf Coast via the Suez Canal in May at what may be this year’s lowest rates, a shipbroker told Bloomberg.com. “The very large crude carriers, each able to haul 2 million barrels of oil
Mr Jos Goris is to take up the post of managing director for Damen Shiprepair Brest (DSB) in Brest, France Mr Goris succeeds Mr André Hollander, who managed the yard (formerly known as Sobrena) from the time when Damen Shipyards Group took over its operations three months ago.
Wärtsilä to supply main engines for a series of 9 large vessels being built by Daewoo for Kuwait Oil Tanker Co. (KOTC) Four VLCCs (Very Large Crude Oil Carriers), one Aframax tanker and four medium-range tankers are being built at the Daewoo Shipbuilding & Marine Engineering (DSME)
Wärtsilä's RT-flex common rail engine technology provides environmental benefits including low fuel consumption and reductions in exhaust emissions. The engine waste heat is utilized to produce onboard electricity. These features help maintaining and operating seaborne transportation
Owners of Very Large Crude Carriers (VLCC) by agreeing to current low rates are effectively paying shippers for the priviledge. Hire costs for the largest oil tankers are so low and the oversupply of the vessels is so acute that shipowners are paying to carry crude for clients
Neda Maritime achieves ISO 50001 certification to join an elite group of tanker owners who are managing their energy use more effectively. After months of close work with Lloyd’s Register, Greek shipowner gains international standard.
Wärtsilä has received its 1000th order for the 2-stroke, electronically controlled, common-rail low-speed diesel engine. The 1000th order will power an efficient Very Large Crude Carrier (VLCC) tanker being built for JX Tanker Company Limited, the Yokohama
Nine new charters with minimum revenue of $220 million over a 2.4 year period Operating income at $11.9 million (a 159% increase) Nine-Month Hightlights Voyage revenues of $293.7 million Positive EBITDA generated from all operational ships totalling $87.7 million
The very large crude oil carrier (VLCC) 'Takamatsu Maru' has arrived at the Kawasaki refinery of TonenGeneral Sekiyu K.K. The 158,000 dwt tankship was chartered by TonenGeneral Sekiyu K.K. from NYK Lines, after the company purchased virtually all of Exxon Mobil Corporation’s Japan business
Tsakos Energy Navigation Limited (TEN) charters out ice-class aframax product tanker 'Propontiss', & sells two oldest vessels. The company announce the charter of its 2008-built 1A ice-class aframax product tanker Propontis to Northern European end-users for two years
7G80ME-C9.2 passes shop test successfully; new VLCC trend continues on course. HHI-EMD, the engine and machinery division of Hyundai Heavy Industries, has reported that the world’s first MAN B&W 7G80ME-C9.2 passed its official shop test on 16 January 2013 in Korea.
There has been a significant volume of shipbuilding business reported in the week according to Clarkson Hellas. Dry Bulk Carriers The dry bulk fleet has seen a number of new additions this week. It was reported that SWS signed an additional order with Clients of Thenamaris for 1+1 180