Charterers to release 30 Middle East VLCC cargoes next week. VLCC market buoyed by upbeat Suezmax, Aframax sectors. Rates for very large crude carriers (VLCCs) on key Asian routes are set to continue the rebound that started on Wednesday with a raft of new cargo requirements and upbeat sentiment, brokers said. Brokers anticipated charterers would ramp up the number of VLCC cargoes from the Middle East to be loaded in the first 10 days of December. "There will be the best part of 30 cargoes to fix next week which is going to change everything," said a Singapore-based VLCC broker on Friday. "The market will certainly be firm if it doesn't run away with itself," the broker said. Charterers have drip-fed cargoes over the last three weeks, pushing rates lower. But the smaller Suezmax and Aframax tanker sectors had become busier this week, with Suezmax rates from West Africa rising to their highest level since January, Norwegian broker Fearnley said in a note on Wednesday. This had buoyed sentiment among VLCC owners. Singapore Petroleum Corp paid 51.50 on the Worldscale measure to fix the 301,045 dwt (deadweight tonne) Koho 1 for a voyage from the Middle East to Singapore, which was slightly above the market rate, according to Reuters chartering data. "When the tanker markets are all aligned like that it's a strong story for owners," the broker said.
China Merchants Energy Shipping has posted 22.6% on-year growth in net profit to Yuan225m ($36.3m) during the first quarter ended 31 March 2015 due to buoyant tanker markets. Revenue for the quarter more than doubled to RMB1.36bn from YuanB660.44m a year ago. “In the first quarter of 2015, freight rates for the VLCC market were on average higher compared to the first quarter of 2014. The dry bulk shipping market hit bottom in January this year
Mitsui O.S.K. Lines, Ltd. (MOL) plan to install a ballast water treatment system on an in-service very large crude oil carrier (VLCC). This will be the first such onboard system installed by any Japanese shipowner on an existing VLCC. The company chose the JFE Ballast Ace system developed by JFE Engineering Corporation. The installation will take place while the vessel is docked from March through April. Ballast water discharged while loading/discharging cargo carries marine organisms
According to a January 3 report from Gulf News, Gulf Navigation Holding confirmed its acquisition of a very large crude carrier (VLCC). The vessel, built in 2006 and with a 300,000 deadweight tonne capacity, can carry up to two million barrels of oil.The Gulf Eyadah will join the operator's other VLCC, Gulf Sheba, which was delivered in late 2007. (Source: Gulf News)
Taiwan's state-owned Chinese Petroleum Corp (CPC) has bought two very large crude carriers (VLCC) of West African crudes via its September tender, a company official said on Thursday. The volumes were below CPC's usual purchase of three to four VLCCs per month. Each VLCC can load up to two million barrels each. "We have high inventories and not so much requirement," the CPC official said. The details of the tender, which closed on Monday, were still unclear.
Eastbound VLCC freight that nearly topped W200 in November is now firmly mired beneath W100. "The market's really lost its way, but much of that is just down to sentiment," said one London tanker broker. Wednesday's fixture lists showed a number of deals hovering around the W100 mark, and even the very modern New Circassia accepted W101 from Stasco for an eastbound trip. Friday's fixture list however, showed the slightly older Musashi Spirit had been fixed at W90 to Japan
Tsakos Energy Navigation Limited (TEN) recently acquired the 299,700 dwt double hull VLCC M/T Maersk Estelle, built in Denmark in 1994, from the AP Moller / Maersk Group. Initially, this vessel will participate in the current strong spot market while the Company considers opportunities for longer-term employment. TEN will assume ownership of the vessel during the later part of January 2004. "We are very excited about this latest addition to our fleet of young and environmentally friendly
Frontline Management (Bermuda) Ltd. and Tankers International LLC (TI) today announced the formation of a new company, VLCC Chartering Ltd ('the Company'). The aims of the Company will be: *to create a larger fleet with more flexibility and more options for cargo owners and a single point of contact to access these benefits; *to reduce voyage related expenses and thereby improve the net earnings (TCE) of the Very Large Crude Carriers (VLCCs) operated by both owning
Piraeus-based Hellespont Shipping Corp. has contracted Samsung Heavy Industries for the first two vessels in a new class of VLCC's. The contract also calls for the option to build two optional ships - with delivery beginning in the last quarter 2001. With a lightweight of 46,500-tons, the vessels will form a new standard for large tanker strength and speed - while equipped with various features. The ABS and LR-approved structures and scantlings will be 10 percent in excess of both rules.
MISC Bhd has bought four Aframax tankers from Japan's Tsuneishi Corp for $260m. The first unit of the 107,500-deadweight tonnage (DWT) tankers will be delivered in 2009, while the rest in 2010, MISC said in a statement. It added that the continuous expansion of MISC's petroleum fleet under American Eagle Tankers (AET), supported by regional offices in London, Singapore and Houston will provide it with the critical mass to better serve its customers globally.
Bahri ordered five newbuild very large crude carriers from Hyundai Samho Heavy Industries The National Shipping Company of Saudi Arabia (Bahri) today signed an agreement with Hyundai Samho Heavy Industries (HSHI) Co. Ltd. to build five very large crude carriers (VLCC)
Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.S. oil drilling firm Diamond Offshore at the Ulsan shipyard Friday.
The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs), with an option for additional five more vessels, the company said in a bourse statement.
Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m. The company was created in February 2015 via the merger of General Maritime and Navig8 Crude.
Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report. On average, dirty tanker freight rates were down 8% from the month before
Suezmax tanker owners are among the “happiest” ones when it comes to the performance of their vessels during 2014, as well as throughout this year as well says the latest weekly report from the London-based shipbroker Gibson.
A month of planned maintenance has started at the North Sea loading terminal for Forties crude, which helps set the Brent benchmark, an industry source said on Thursday, preventing VLCC loadings. Hound Point's Jetty 1 is the key loading berth for very large crude carriers (VLCCs)
The booming VLCC tanker market has started to be reflected on the companies’ earnings and is “firing on all cylinders” and it is set to continue Poten & Partners say in their weekly report. The boom is evident by the rather impressive first quarter results by
Euronav delivered its best operating profit in seven years, with a 182 percent improvement, and a USD 80.8 million net profit, thanks to the 15 VLCC supertankers the company acquired from Maersk. Core profit rose 180 percent in the first quarter to $131.3 million.
Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key Asian route jumped to a three-month top this week, but prices are likely to soften as charterers hold back cargoes amid a slight
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
‘Clear Advantage’ tanker design series is reported to reduce ballast requirements by 40%. Ready to be built, the designs combine operational and environmental performance improvements Dalian Shipbuilding Industry China (DSIC), Dalian Ocean Shipping Co
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
Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa. Suezmax fixtures out of the Caribbean rose by 48%, most of which headed to the US Gulf and East coast Panama.
Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE, April 1 (Reuters) - A backlog of over 30 oil tankers has built up outside the Iraqi port of Basra and shippers face