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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

Navios to Expand Fleet with Two VLCCs

Image: Navios Maritime Midstream Partners

 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.   

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

VLCC Rates to Hold Firm as Owners Await MidEast Cargoes

File photo: Euronav

Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs this week, are likely to hold firm as owners tread water before the release of further Middle-East and West Africa cargoes, ship brokers said on Friday.  

Euronav Pushes Delivery of Two VLCCs at HHI

Photo Euronav

Euronav NV announces today that it has agreed with Hyundai Heavy Industries (“HHI”) shipyard in South Korea to defer the delivery of the two VLCC ex-yard resale vessels it recently purchased to the first quarter of 2017. Thanks to the excellent relationship that the Company enjoys

Winson Oil buys VLCC for Med Storage

Buys VLCC to store gasoil in Mediterranean. Hong Kong-based trader Winson Oil has bought a very large crude carrier (VLCC) to store oil in the Mediterranean as it pushes to expand its business in Europe, two company sources said. The step could boost Asian gasoil margins if the firm enters

Asia Tankers-VLCC Steady After Bumping Four-Month High

File photo: Euronav

Power struggle breaks out between between owners and charterers; West Africa cargoes hit a monthly record. Freight rates for very large crude carriers (VLCCs), which surged to a four-month high on Thursday, to hold steady as ship owners await the release of November cargoes

Asia Tankers-VLCC Rates Soar on West Africa, MidEast Liftings

File Image: A EuroNav VLCC (credit: EuroNav)

VLCC earnings double in a week. End of force majeure in Nigeria buoys cargo volumes. Freight rates for very large crude carriers (VLCCs) are set to rise further next week, fuelled by a raft of cargoes from West Africa and the Middle East amid tight tonnage supply, ship brokers said on Friday

VLCC Rates Under Pressure in Oversupplied Market

A EuroNav VLCC Underway (file image, Credit EuroNav)

Owners face difficulty raising rates due to discounted ships. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure next week as charterers drip-feed cargo in the face of surplus tonnage, shipbrokers said.

Asia Tankers-VLCC Rates to Climb on More MidEast, West Africa Liftings

File Image (Credit: EuroNav)

VLCC rates from MidEast have reached a floor at W33; surging Suezmax rates could make VLCCs more attractive. Freight rates for very large crude carriers (VLCCs) are set to climb next week as charterers ramp up tanker fixing activity from the Middle East while increased oil volumes from West

MAN's G-Type Engine Notches 1,500 Orders

Illustration of the G80ME-C9 engine (Photo: MAN Diesel & Turbo)

Just six years after its introduction, MAN Diesel & Turbo has confirmed an order for the 1,500th G-type engine. Greek ship operator, Almi Tankers, will take delivery of the ultra-long-stroke 7G80ME-C9 type as prime movers for the two 317

Two VLCCs Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of two very large crude carriers (VLCC).   The Gener8 Perseus was delivered September 9, 2016 from Hyundai Heavy Industries Co., Ltd

Tanker Sale & Purchase Update

Tanker. Pic: TTS Group ASA

 For now, the Sale & Purchase (S&P)  market is pretty dead (because the charter markets are also slightly lifeless). S&P transactions for tankers have almost halved so far this year (Jan 1-Sept 2), reports  Alibra Shipping Ltd. Research.  

Asia Tankers-VLCC Rates Steady, Owners Resist Further Cuts

File Image (Credit: EuroNav)

Daily VLCC earnings fall to around $10,000; vessel deliveries, shorter voyages weigh on rates. Freight rates for very large crude carriers (VLCCs), which fell to multi-year lows on Thursday, are likely to hold steady around current levels as ship owners resist charterers' attempt to push

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it has taken delivery of the ECO VLCC the Gener8 Macedon on August 30, 2016 from Hyundai Samho Heavy Industries Co., Ltd.  

Asia Tankers-VLCC Rates Steady as Suezmax Fixtures Weigh

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

Asia Tankers-VLCC Rates to Fall but Bottom in Sight

File image: Credit EuroNav

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

DSME to Build Two VLCCs for BW Group

Photo: Daewoo Shipbuilding & Marine Engineering

 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

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