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.
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.
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
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
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
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.
CNOOC VLCC deal "draws line in the sand" for tanker owners; 25-30 MidEast fixtures still to be released up to mid-November. Freight rates for very large crude carriers (VLCCs), which plunged to a three-week low, are set to recover next week as owners hold out for higher rates on
Ship Finance International Limited (SFL) has agreed to sell the 1998 built VLCC Front Century to an unrelated third party, and has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline Ltd.
VLCC rates last week hit highest since April, May; balanced tonnage supply-cargo demand support rates. Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs last week, could climb further if there is a flurry of pre-Christmas chartering activity
* Crude oil tanker firm Frontline says a potential "balanced cut and cap from OPEC", as suggested by some analysts, is not expected to have a large impact on the tanker market * Says significant volume cuts by OPEC, although unlikely, would be negative for tanker freight demand
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.
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
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
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
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.
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
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
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
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
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.
Gener8 Maritime, Inc. a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Miltiades on October 25, 2016 from Shanghai Waigaoqiao Shipbuilding Co. Ltd. ("SWS").