Report: Euronav Cancels Suezmax Contract

Wednesday, January 18, 2012
Euronav NV (EURN) canceled an order for a suezmax tanker to preserve cash following six quarters of unprofitable rates for its biggest vessels, according to a Bloomberg report. The 4Q net loss widened to $50.7 million from $17.6 million a year earlier, it reported. The results included a charge of $25.5 million related to advance payments made to Samsung Heavy Industries Co. (010140) for a suezmax on order that has now been canceled. 
Euronav, which operates half of its fleet in the single-voyage market, said its very large crude carriers, or VLCCs, earned an average $22,250 a day for a single voyage so far this quarter, compared with $14,200 in the fourth quarter and less than the $34,700 it says it needs to break even. 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Australian Navy Commissions HMAS Adelaide

Royal Australian Navy commissions second LHD HMAS Adelaide powered by GE LM2500 marine gas turbines   GE Marine reports that its LM2500 gas turbines now power

Fincantieri Launches Majestic Princess for China

Italian shipbuilder Fincantieri has launched its first cruise ship destined for the Chinese market, and will now begin interior fittings ahead of the vessel’s delivery scheduled for spring 2017.

New Offshore Vessel to be Fitted with Cathelco BWTS

Cathelco is supplying a ballast water treatment (BWT) system for a new offshore vessel built by Eastern Shipbuilding Group Inc., for Harvey Gulf International Marine, LLC.

Tanker Trends

Oversupplied Market Eyes Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected

Norway will be Lithuania's 2016 Top Gas Supplier

Lithuania will import more gas from Norway than from former sole supplier Russia in 2016 after developing infrastructure to support liquefied natural gas (LNG) imports,

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

Finance

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

Oversupplied Market Eyes Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected

Norway will be Lithuania's 2016 Top Gas Supplier

Lithuania will import more gas from Norway than from former sole supplier Russia in 2016 after developing infrastructure to support liquefied natural gas (LNG) imports,

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0849 sec (12 req/sec)