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.
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 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
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
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
Scorpio Tankers Inc. has announced that it has entered into agreements for the construction of seven Very Large Crude Carriers (VLCCs) and entered into an agreement with an unaffiliated third party to issue shares in exchange for the transfer of ownership to the company of four MR product tankers
DHT Holdings, Inc. announced that it has reached an agreement with Hyundai Heavy Industries Co., Ltd. (HHI) in South Korea for the construction of two very large crude carriers (VLCCs) with a contract price of $92.7 million each, including certain additions and upgrades to the standard
Ship Finance International Limited announced its preliminary financial results for the quarter ended September 30, 2013, reporting preliminary 3Q 2013 results and quarterly dividend of $0.39 per share Hamilton. Highlights Declares third quarter dividend of $0.39 per share
The Dubai-based shipping company Gulf Navigation has posted a loss of Dh614.3-million in Q3 2013 attributable to a Dh292.8m impairment of goodwill and a write-off of Dh308.6m of the value it expected to receive for the sale of its two very large crude carriers (VLCCs)
Tankship owner-operator, AET, has named two VLCC newbuildings at the DSME shipyard in Korea. One vessel (Eagle Verona) will be delivered immediately with the other (Eagle Versailles) following in December 2013. Both 320,000 dwt VLCC'a are built to the latest “eco-design” to ensure
Opportunities for Shipbuilders and Repair Yards In a Huge & Growing Market Since the beginning of this year, orders have been placed for 17 floating production systems. The combined value of the fabrication contracts exceeds $16 billion
Greece-based Tsakos Energy Navigation Limited (TEN) has time-chartered out the 301,171 dwt, double hull VLCC 'Millennium', with a state oil company for a period of 18 months. The new charter commenced in September 2013 and is expected to generate gross revenues of approximately $11
Wilhelmsen Technical Solutions has secured multiple orders to supply its Maritime Protection Inert Gas Generator (IGG) systems for installation on vessels working offshore Brazil. The company will deliver a total of eight dual-fuel Maritime Protection systems via contracting partner EEP to
The past week has been another active one, reports Clarkson Hellas S+P Weekly Report, with notable levels of ordering across all sectors. In Dry and whilst understood to have been contracted earlier this year, Clients of Polaris Shipping are reported to have signed three firm 250
Maersk Tankers plan to spend up to $35m as it pushes ahead with a fuel saving retrofit programme. One of the company's "I-class" VLCCs is being fitted with fuel saving devices, iincluding Becker Mewis propeller ducts and propeller boss cap fins on a range of owned tankers
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
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
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
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).
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