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Asia VLCC rates Steady at Five-Year High

MidEast-Japan rates top $111,000 a day, highest since June 2010. Freight rates in Asian trades for very large crude carriers (VLCCs) are likely to remain firm as vessel supply and charter volumes stay evenly matched, ship brokers said on Friday. They have seen daily earnings soar by between $37,500-$42,000 in the last week. That came as earnings from the Middle East to Japan hit more than 91 on the Worldscale measure on Thursday, equivalent to $111,359 a day, the highest level since June 23, 2010. The surge was fuelled by unloading delays in China and South Korea caused by a shortage of storage tank space and other port infrastructure issues and bad weather that could disrupt vessels' future charter fixtures, two European VLCC ship brokers said on Friday. "Charterers had an absolute fear of not getting the right ship for the right cargo. That turbocharged activity - charterers came barging into the market with cargoes," said one of the European brokers on Friday. That is the third time this year VLCC freight rates from the Middle East to Asia have hit a five year high, Reuters freight data showed. VLCC rates from West Africa to China also climbed, hitting the highest level since Oct. 15 on Thursday. "No doubt owners are going to overplay their hand, looking for rates in three figures. But when the market gets silly charterers do alternatives," the first European broker said.


Asia Tanker, VLCC Rates Could Climb

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.


Chinese Petroleum Corp. Exercises VLCC Tender

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.


Gulf Navigation to Buy Supertanker

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)


BWTS Fitting on Japanese VLCC a First

MOL VLCC: Image credit MOL

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


CMES Q1 Profit Surges on Strong VLCC Earnings

Pic: China Merchants Energy Shipping

 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


VLCC Rates

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


TEN Acquires VLCC

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


Norway's DHT Holdings Orders One More VLCC

VLCC Tankship DHT Ann: Photo courtesy of DHT

DHT Holdings, Inc. says it has taken up its option to construct another VLCC at Hyundai Heavy Industries (HHI) shipyard in South Korea on the same terms as for two others ordered earlier. The contract price of US$92.7-million, includes certain additions and upgrades to the standard specification. The company's current orderbook thus consists of three VLCCs ordered at HHI that are scheduled for delivery in April, July and September 2016. About DHT Holdings, Inc.


Frontline & TI form new VLCC Company

Frontline Management (Bermuda) Ltd., and Cyprus-based Tankers International LLC (TI) have started a new company named VLCC Chartering Ltd.,

  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


VLCC's Used for Asia-Europe Diesel Liftings

File Image: a so-called Suezmax tanker transits the Suez Canal (image: Suez Canal)

Total charters VLCC to move diesel from Asia to Europe; Vitol ships diesel from Asia to Europe in Suezmax. At least two companies are planning to ship diesel in bigger-than-usual tankers from Asia to Europe in what traders said is a rare move as cheap oil drives up diesel supply and slowing


McQuilling Releases 2016-20 Tanker Outlook

McQuilling Services has  announced the release of the 2016-2020 Tanker Market Outlook.    This report is a five-year outlook for eight vessel classes across 18 benchmark trades and represents the company’s 19th forecasting cycle


2016 a Busy Year for VLCC Deliveries - BIMCO

File photo: DHT

When it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, 2016 is off to a flying start. Six new VLCCs were delivered in a strong winter market. Having reduced slightly, since the turn of the year


Six New VLCCs Marks the Start of a Busy Delivery Year

Image: ConocoPhillips

 2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO.    The six new VLCCs were delivered in a strong winter market


CMES Confirms Order for 10 VLCCs

Photo: China Merchants Energy Shipping Co., Ltd.

 The board members of China Merchants Energy Shipping (CMES) has approved of a plan to order an additional 10 eco-friendly VLCCs.   These vessels will be operated by CMES’ Hong Kong-based subsidiary, China VLCC Company Limited


MAN D&T Sells 60,000th Turbocharger

TCA66 on the MAN Turbocharger assembly line (Photo: MAN Diesel & Turbo)

MAN Diesel & Turbo marked the sale of its 60,000th turbocharger after 80 years of turbocharger business, during the Marintec 2015 marine trade fair in Shanghai, by making a presentation to turbocharger customer, China Merchants Energy Shipping Co. Ltd. (CMES)


VLCC Earnings Set for Strong Growth

photo courtesy MSI

  MSI’s proprietary tanker market model predicts firm earnings scenario in first half of next year before weight of fleet growth starts to suppress rates London, December 15, 2015. The latest Tanker Freight Forecaster from Maritime Strategies International predicts further upside


CMES Orders Six VLCCs at Dalian Shipbuilding

Pic: China Merchants Energy Shipping Co

 China Merchants Energy Shipping Co Ltd (CMES)  has firmed up orders to build six very large crude carriers (VLCCs) at Dalian Dalian Shipbuilding Industry Corp for $522 million, reports Reuters.   The deliveries of 308,000dwt VLCCs are scheduled between August 2018 and October 2019


Bahri to Acquire 2 VLCCs

The board of National Shipping Company of Saudi Arabia (Bahri) has approved the purchase of two second-hand very large crude carriers (VLCCs) for $155 million, it said in a bourse statement on Thursday. Bahri will take delivery of the carriers between Jan. 14, 2016 and Feb


DHT Takes Delivery of VLCC Newbuild

DHT Jaguar, the first in a series of six VLCC newbuilds for DHT, was delivered in November 2015. Sister ship DHT Leopard was delivered today. (Photo: DHT Holdings)

Crude oil tanker shipper DHT Holdings, Inc. has today taken delivery of a newly built 299,900 dwt very large crude carrier (VLCC) from Korean shipbuilder Hyundai Heavy Industries. The new ship, DHT Leopard, will enter the spot market as the second vessel in a series of six fully funded VLCC


Shipping Industry Unfazed by China Sea Tension

Map: The Asia Maritime Transparency Initiative

 Reuters reports that China's growing military presence in the South China Sea has drawn warnings from the United States that Beijing is seeking to exert control over one of the world's most important sea lanes, but so far the shipping industry seems less concerned.  


Euronav Reports: Tanker Market is "Full Steam Ahead"

Euronav NV (NYSE: EURN) this morning issued a release to set the record straight with investors, from its perspective, on current market conditions in the large tanker market.    According to Euronav, despite the current capital market's predominantly negative sentiment


Lifted Iran Sanction Frees Up $2.8 Bln in Tanker Tonnage

Image: VesselsValue.com

 With recent news that sanctions against Iran are to be lifted, the world tanker fleet is due to see an additional 14.1 million DWT of Iranian tankers freed to trade globally. This tonnage is valued today at nearly $2.8 billion, according to VesselsValue.com.  


Euronav Sells VLCC Famenne

Famenne (Photo: Euronav)

Euronav NV has sold one of its two oldest VLCC vessels, the 2001-built, 298,412 dwt VLCC Famenne, for $38.4 million. The vessel is wholly owned by Euronav.    The capital gain on that sale of about $13.8 million will be recorded at delivery.  


Iran Plans Listing NITC to Fund Fleet Modernization

Photo: NIOC

Iran plans to list its national tanker company to raise badly needed cash to upgrade its massive fleet and replace older vessels, as the middle east country prepares for an aggressive return to the global oil market.   The country emerged from years of economic isolation last weekend after






 
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