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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Survey Vessel Delivered to Fugro N.V.

Fugro Pioneer is the second of three vessels to be delivered to Fugro in 2014. Fugro has taken delivery of the second of the three Fugro Offshore Coastal Survey

Mexican Navy Contracts Damen for Two Vessels

Secretaria de Marina orders seventh patrol vessel and a fast crew supplier In August 2014 the Mexican Navy (Secretaría de Marina) and the Netherlands’ Damen

Ferus Smit Building LNG Powered Cement Carrier

The first unique LNG powered ship that Ferus Smit has on order for Erik Thun A.B. will be built and equipped as a dedicated cement carrier. The ship will be delivered to the joint venture JT cement,

Tanker Trends

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

Majority of Global Tanker Fleet Yet to Adopt ECDIS

UKHO calls on tanker owners and operators to ensure compliance with SOLAS rules on ECDIS carriage from July 1, 2015 The majority of ships in the global tanker fleet have yet to adopt ECDIS,

Upcoming Winter Tanker Market Same as Last Year?

Will the 2014/15 winter tanker market be a repeat of the previous one? Poten & Partners consider the question in their latest 'Poten Tanker Opinion'. As the

Finance

Mercury Marine Launches Repower Financing

Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers.

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2151 sec (5 req/sec)