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China VLCC Sells Two VLCCs

Photo: China Merchants Energy Shipping Co., Ltd

China Energy Transport Co., Ltd. (China VLCC) has sold two secondhand VLCCs to an unrelated third party for a total price of $117.5mln.   China VLCC is 51 percent owned by China Merchants Energy Shipping (CMES) and 49 percent owned by Sinotrans & CSC Group.   It has signed agreements with two Marshall Island-registered companies, Coral Shipowning and Medal Shipowing, under which China VLCC will sell a 297,600 dwt VLCC of six to seven years old  to each of the two companies.    The entry into force of the agreement remains subject to the Board of Directors of the company and the counterparty approved by the Board.   Meanwhile, China VLCC has on Thursday taken delivery of a new VLCC named New Constant in Dalian, China.    As of May 20, 2016, China VLCC operates a fleet of 36 VLCCs and has an orderbook of 17 more units.  


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, as an oversupply of smaller Suezmax tankers put rates for larger VLCCs under pressure, ship brokers said on Friday. That came as at least one charterer split a crude cargo that would normally be transported by a VLCC into two Suezmax


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.


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


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


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


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)


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.


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


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


DHT Fixes VLCC Issue, Defers Newbuilding

Photo: DHT Holdings, Inc

 DHT Holdings, Inc. said that during a routine inspection of the DHT Jaguar, a fracture surrounding the inspection window of the rudder was identified.  It is DHT's policy to inspect all newbuildings, including underwater areas, during their respective warranty periods.    


Euronav Gets Credit Line of $ 410mln

Photo: Euronav NV

 Euronav NV announces has signed a new USD 410 million senior secured amortizing revolving credit facility.    The facility has been made available on 16 December 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital


Euronav Secures Loan for VLCC Refinancing

Photo courtesy Euronav NV

Tanker shipping company Euronav NV announced it has signed a new $410 million senior secured amortizing revolving credit facility. The facility has been made available on December 16, 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital


Start of 2017 Looks Rocky for Asian Tankers

© Carabay / Adobe Stock

Dirty Tankers Asia’s crude tanker market faces the double whammy of a flood of newbuild deliveries and a cut in OPEC production in Q1 2017. On the supply side, net capacity growth is estimated to be around 5 percent for VLCCs, 9.6 percent for Suezmaxes and 7 percent for the Aframaxes/LR2


Eruonav: Sale and Leaseback of Four VLCCs

Euronav NV (NYSE: EURN) entered into a five-year sale and leaseback agreement for four VLCC vessels  with investment vehicles advised by Wafra Capital Partners Inc., a private equity partnership. The four VLCCs are the Nautilus (2006), Navarin (2007), Neptun (2007) and Nucleus (2007)


Oman Shipping Withdraws from Navig8 Pool

Photo: Navig8

 Navig8 Group (Navig8), the world's largest provider of maritime services,  has announced that it has been advised by Oman Shipping Company SAOC (OSC) that they have decided to internalize the commercial management of their VLCC fleet which had been hitherto in the VL8 pool.  


Fleet Growth Squeezes Crude Oil Tanker Market

© Evren Kalinbacak / Adobe Stock

From January 2014 - October 2016 the crude oil tanker segment composing of VLCC, suexmax and aframax ships, had a net-fleet growth of 7.3 percent, which is equal to 24.3 million (m) DWT. The VLCC segment, with 20.7m DWT or a net fleet growth rate of 11 percent took the lion’s share


Asia Tankers-VLCC Rates to Slide on Lower Cargo Volumes

File Image: A so-called SuezMax tanker transits the Suez Canal (CREDIT: Suez Canal Authority)

34 VLCC MidEast cargoes fixed for early Jan -Reuters terminal; only nine fixed so far for mid-Jan.   Freight rates for very large crude carriers (VLCCs), which hit a new nine-month high this week, are on course to soften amid a weaker cargo market as owners wait for more charters to be


Frontline Sees Strong Start to 2017

Crude tanker operator Frontline expects strong demand for its vessels at the start of 2017 and could benefit from oil producers' pact to cut output if it forces Asian buyers to go further afield for supplies, its chief executive said. Spot rates for very large crude carriers (VLCCs) have


Tanker Operators Brace for OPEC Cuts

© Jose Gil / Adobe Stock

Tanker owners are bracing for a volatile year ahead after enjoying some of the highest charter rates since 2008, with OPEC plans to curb crude output potentially cutting rates by more than 40 percent.   Fewer Middle East cargoes will mean lower freight rates for operators of very large


Asia Tankers-VLCC rates to Slip from Eight-Month Highs

Rates gain 10 Worldscale points in a week; but rates in 2017 may be lower than this year -Bancosta. Freight rates for very large crude carriers (VLCCs) may slip next week as the pre-Christmas cargo flurry, which propelled hire rates to an eight-month high on Thursday, peters out


PetroChina, Unipec to Lift 2 mln bbls U.S. crude in December

File Image: a typical VLCC underway. CREDIT EuroNav

Chinese state-owned oil traders PetroChina and Unipec have chartered ships to load more than 2 million barrels of U.S. crude oil in December, three sources with knowledge of the matter said on Friday. The shipments come on top of nearly 3 million barrels that BP has sent to Asia as oil traders


TEN Announces Four New Time Charter Contracts

Photo: Tsakos Energy Navigation Limited

 Tsakos Energy Navigation Limited (TEN), a leading diversified tanker owner, has announced new time charter contracts for four vessels, an aframax, two panamaxes, and a handysize product tanker, all to major end users.    The average contract length of all four fixtures is 14


Asia Tankers-VLCC Rates May Hit Multi-Month Highs

File Image of a VLCC (CREDIT: EURONAV)

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


SFL Sells 18-year-old VLCC

Front Century (Photo: SFL)

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.






 
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