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Two Vlccs

Frontline Ltd. Sells Two VLCCs

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.


Hyundai Heavy To Build Two VLCCs

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.


Ocean Saver Wins Greek BWT Orders

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.


CPC To Award Two VLCC Crudes

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 Opts for Third VLCC Newbuild from HHI

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


HHI Gunsan Shipyard Fully Booked for its First Year

 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 Charters 550,000 ULCC

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 VLCC Ballast Water Treatment Contract Goes to OceanSaver

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


Unipec Books Two Large Cargos to Take Urals to Asia

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


OSG Reports Record Quarter

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


Strong Tanker Market Extends Peak Season High Earnings

BIMCO oil tanker earnings.jpg

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.   The demand for crude oil tankers remains high even though the winter months are far


MISC may Sell AET Tanker Holdings

Eagle Kuching. Vessel Type: Aframax. By AET

  MISC Bhd  is selling AET Tanker Holdings Sdn Bhd, which owns a fleet of 74 crude oil and product tankers, to US-listed Teekay Tankers Ltd, reports local media.   AET is a wholly-owned subsidiary of Malaysia's MISC Bhd. and a major global shipowner and operator with a fleet of


China Shipbuilders may Merge to Stay Afloat

Picture by China COSCO Container Shipping

 The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.   The chances of mergers between China Ocean Shipping, China Shipping Container Lines


Asia VLCC Rates: Ample Tonnage, Few Cargoes

Owners resist charterers moves to force rates under W50; West Africa cargo volumes remain steady. Rates for very large crude carriers (VLCCs) on key Asian routes will face further pressure next week even as owners resist attempts to push rates lower, brokers said.


China's VLCC, PetroChina Seals Crude Shipping Deal

Pic by China Merchants Energy Shipping

 China VLCC, a joint venture between China Merchants Energy Shipping (CMES) and Sinotrans&CSC, has signed a two-year crude shipping contract with Dalian-based West Pacific Petrochemical (Wepec), operated by PetroChina.  The contract will be extended by one year with approvals from


China Shipping Development Orders Four VLCCs

Pic by China Shipping Development Company Limited

 Hong Kong unit of China Shipping Development, the oil and dry bulk shipping arm of state conglomerate China Shipping Group, has booked four very large crude carriers (VLCCs) at a compatriot yard.   The worth a total of $375.92m was placed with Dalian Shipbuilding Industry Co (DSIC)


Tighter Supertanker Market Impacts Asian Fuel Supplies

The window to sell Western fuel oil to Asia is starting to close as demand for a limited fleet of supertankers to store cheap crude pushes freight rates to multi-month highs, shipping and trade sources said. Crude prices have fallen nearly 60 percent since June and


Traders Book Oil Tankers to Store 25m Barrels at Sea

Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line. Floating storage levels are expected to increase further in coming weeks as


Navios Acquisition Announces Fleet Update

Photo courtesy: Navios

Tanker vessel owner and operator Navios Maritime Acquisition Corporation announced the delivery and employment of one VLCC and one MR2 product tanker and the employment of one VLCC and two product tankers. VLCCs The Nave Synergy, a 2010 Japanese-built VLCC of 299,973 dwt


Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes could nudge higher amid a flurry of new cargoes and tighter tonnage supply that propelled rates to their highest in nine months


Floating Storage at Sea Stalls Despite Falling Oil Prices

Falling oil prices still to attract large scale storage at sea Oil tanker rates gaining ground after years in doldrums Despite falling oil prices, traders in recent weeks have booked just a few tankers to store cargoes at sea as higher freight costs outweigh any profit play for now


Goodwood Ship Management Set For Growth

Officers at the Goodwood Ship Management conference in Mumbai this week

Goodwood Ship Management, the Singapore based management company, is set to increase its fleet under management to more than 10 million deadweight tonnes, the company’s annual officers’ conference heard this week. Capt Ashok Sabnis, Goodwood Managing Director


Kuwait to Ship Crude to Egypt in October

Kuwait said on Wednesday it would ship around two million barrels of crude oil in early October to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market. The deal for two million barrels a month of Kuwaiti crude was signed this week with the Arab


Navios Charters Out Newbuild MR2 Product Tanker

Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,999 dwt, was delivered on September 19, 2014 from a South Korean shipyard.


DHT Holdings to Acquire Samco Shipholding

Photo: Samco Shipholding

DHT Holdings, Inc. announced today that it has entered into an agreement to acquire all the outstanding shares of Samco Shipholding Pte. Ltd., a private company incorporated under the laws of the Republic of Singapore. Samco owns and operates a fleet of seven very large crude oil tankers (VLCCs)






 
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