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.
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.
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.
DHT Holdings, Inc. today announced that it has declared its option to construct a very large crude carrier (VLCC) at Hyundai Heavy Industries Co., Ltd. (HHI) in South Korea with a contract price of $92.7 million, including certain additions and upgrades to the standard specification. The contractual terms are the same as for the two VLCC orders announced on December 2, 2013. DHT contracted HHI for the construction of two VLCCs with a contract price of $92
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
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
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
Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase of up to two very large crude carriers. Apart from financing the purchase of up to two VLCCs from Navios Maritime Acquisition Corporation, NAP plans to use the remainder of the loan to refinance existing term indebtedness and to pay related fees and expenses.
China's Unipec is taking two very large crude carriers with around 4 million barrels of Urals crude to Asia in a move to support Russia's main export grade, traders said on Thursday. Traders said Unipec had booked two VLCCs - Front Tina and British Vintage - and will fill it with the Russian crude after actively buying smaller cargoes in the Platts window in recent days. On Thursday, Unipec bought a 100,000 Urals tonnes cargo from Eni in the Baltic at dated Brent minus $1
Charterers splitting VLCC cargoes into smaller Suezmax tankers; rates to remain around $24,000 per day, below break-even levels. Freight rates for very large crude carriers (VLCCs) on main routes to Asia are set to hold around current levels next week
VLCC owners sailing slower and idling vessels; slow market to continue into September. Freight rates for very large crude carriers (VLCCs), which hit multi-year lows on Thursday, could slip further next week even as ship owners begin to resist charterers attempts to push rates lower
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has received a 200 billion won (US$179.2 million) order to build two oil tankers for Singapore-based oil and gas transporter BW Group. According to Yonhap
MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next week amid a seasonal slowdown exacerbated by strong vessel supply, shipping executives said.
Announcing its financial results today for the three and six months ended June 30, 2016 Gener8 Maritime, Inc. reported net income of $38.0 million, or $0.46 basic and diluted earnings per share, for the three months ended June 30, 2016, a 91% increase compared to $19
Even though the coup attempt in Turkey failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market. Turkey is not a large oil or gas producer; according to JODI its crude oil
"Pure" chartering market with little disruption. Rates to hold around W45 for Middle East; W48 for West Africa. Freight rates for very large crude carriers (VLCCs) are likely to hold steady around existing levels as new vessel deliveries and a reduction in port delays weigh on a ample
National Shipping Company of Saudi Arabia (Bahri) said on Sunday it signed a deal with Arab Petroleum Investments Corp. (APICORP) to launch a $1.5 billion investment fund that could buy up to 15 very large crude carriers (VLCCs). The fund will be seeded with $500 million on three occasions
Freight rates for very large crude carriers (VLCCs) are set to maintain the current levels next week as charterers drip-feed cargoes for August loading into an overtonnaged market, ship brokers said. "There is quite a negative outlook... we may be close to the bottom
MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs) will continue to soften next week as ample tonnage supply weighs on the market, although a raft of Middle East fixtures are expected to
Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27, 2016 from Hyundai Samho Heavy Industries Co. Ltd. The Gener8 Constantine represents the 11th of 21 ECO VLCCs
Earlier this week spot returns in the VLCC market touched their lowest level since October 2014, with TCE earnings for Middle East/Japan (TD3) falling close to $20,000/day, says Gibson Weekly Tanker Market Report. The current weakness has been essentially driven by the build-up of
Around 47 MidEast charters fixed for July loading so far; older tonnage and new vessels a drag on freight rates. Freight rates for very large crude carriers (VLCCs) are set to nudge higher next week after moving above nine-month lows on increased charters this week, ship brokers said on Friday
Daewoo Shipbuilding & Marine Engineering (DSME) has signed new contracts with Maran Gas Maritime and Maran Tankers Management for the construction of two ME-GI powered LNG carriers and two VLCCs, both shiptypes with a number of options. Maran Gas Maritime has already four ME-GI powered LNG
30-40 Mid-East VLCC cargoes still to be contracted for June; Posidonia shipping event next week in Greece may dampen activity. Freight rates for very large crude carriers (VLCCs) could rise next week as charterers complete their June loading programme