Seaborne Transportation News

Floating LNG solutions provider Höegh LNG and the Norwegian oil and gas firm Aker BP have entered a strategic partnership to develop a "fully comprehensive carbon transport and storage offering for industrial CO2 emitters in Northern Europe.""The agreement combines the companies’ respective strengths, expertise, and technologies to establish a strong value chain for CCS on the Norwegian Continental Shelf that includes gathering, transporting and securely injecting CO2 for permanent storage in subsea reservoirs…

Norwegian shipping firm Odfjell SE has appointed Harald Fotland as its new Chief Executive Officer (CEO). Fotland comes from the position as Odfjell's Chief Operating Officer, and will assume the CEO position on May 6, 2022."We are pleased to have an internal candidate take over the helm at Odfjell. The appointment was made after a process including external and internal candidates. Harald has excelled at leading innovative and transformative projects during his time at the Company.

The Signal Group offers an exhaustive overview of the trends in the dry bulk and tanker markets that both defined 2021, and offer a glimpse as to what might be in store for 2022 and beyond. The report is excerpted in short below; to see the full report CLICK HERE.Using Signal Ocean data, give the insight to analyze the trends and changes across the major vessel sizes in the dry and tanker freight market for 2021. This time last year, Signal Group analyzed the effects of the coronavirus pandemic on commercial shipping with a focus on dirty tankers - VLCC…

The Council of Members of the International Association of Independent Tanker Owners (INTERTANKO) has agreed that international shipping should strive to achieve net zero CO2 emissions by 2050. This doubles the level of ambition set in the International Maritime Organization’s Initial Strategy for GHG Emissions Reductions from International Shipping (IMO GHG Strategy), which currently calls for international shipping to reduce its emissions by 50% by 2050.INTERTANKO, which represents the majority of independent tanker owners and operators worldwide…

Klaveness’ digital arm has partnered with their decarbonization gurus at ZeroLab to make emissions from seaborne transportation readily available to charterers.A new emissions monitoring tool in CargoValue enables cargo owners to view total emissions by commodity, volume and ship type. The tool, previously piloted with a major charterer in the aluminum industry, enables cargo owners to quickly assess how their seaborne supply chain emissions align within the Sea Cargo Charter…

New virus mutations and outbreaks have slowed the recovery in global oil demand as some countries lock down again and international travel remains complicated.Drivers of demand and freight ratesTo say that the summer has not been kind to the crude oil shipping industry would be an understatement. Average earnings have dropped below $10,000 per day since June for all crude oil tankers, with many trades offering negative earnings; freight rates are not high enough to cover voyage expenses, let alone operating and financing costs.

During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current market for seaborne transportation of crude oil is weak and has caused freight rates to drop to multi-year lows. Despite this, crude oil tanker shipowners are not seizing the opportunity to reduce capacity and send less efficient units to the demolition yards.The subdued demolition activity is seen at a time when steel prices offered in Bangladesh, India, and Pakistan – the world’s top ship demolition locations – are at an all-time high.

Stena Bulk invests in the future, a future defined by decarbonization in the shipping sector. Erik Hånell, President & CEO, Stena Bulk discusses the plan, the path and the costs.While the majority of shipowners still struggle to pick the technological path toward meeting emission reduction targets in the coming 30 years, one company, Stena Bulk which today has about 110 tankers (30% owned, 70% managed) generating about $1.4B in revenue annually, recently unveiled its roadmap toward decarbonization…

Swedish tanker shipping company Stena Bulk on Thursday outlined its roadmap to become a net zero business by 2050, including a transiion to cleaner burning alternative fuels and eventually zero emissions shipping options.The company set five dated decarbonization targets, the first of which was achieved in 2020 when Stena Bulk began offering customers low-carbon shipping options based on the use of biofuels and an internal carbon emissions offsetting program with up to a 100% reduction of CO2 emissions.

In the first two months of 2021, Brazilian iron ore exports have risen by 9.1% to 53 million tonnes, driven by China. So far this year, 35.2 million tonnes of iron ore has been exported to China, representing a 15.2% increase from the same period last year and standing in contrast to slightly declining exports to all other countries: down 1.2% to 17.8 million tonnes, continuing the trend from 2020.Despite the strong growth rates in the first months of this year, total exports of iron ore have failed to recover to 2019 levels following the 21.8% drop in volumes in 2020.

As shipping companies face mounting societal and regulatory pressure to decarbonize, innovative alternative designs are expected to become the norm rather than the exception. Stena Bulk unveiled the InfinityMAX hybrid bulk carrier concept, intended to push the boundaries for zero carbon, multi-modal vessel design. It is electric and modular, designed to enable sustainable, zero carbon, efficient and flexible seaborne transportation.The concept is designed to carry both dry and wet cargoes in modular compartments…

Greek pure play product tanker company announced that it has completed the sale of the Pyxis Delta, a 2006-built 46,616 dwt product tanker.The maritime transportation holding company said in a press note that the sale proceeds will be used to repay outstanding indebtedness secured by the vessel and for general corporate purposes.Valentios Valentis, our Chairman and CEO said: “This transaction furthers our operating strategy to focus on modern eco-MR tankers and reflects a more efficient allocation of capital resources to improve our financial condition. We are well-positioned to generate significant cash flows from an improving market…

Odfjell SE,  a company specializing in worldwide seaborne transportation and storage of chemicals and other speciality bulk liquids, said that it took the delivery of Bow Odyssey - the third of its series of four newbuilt, 49,000 dwt chemical tankers.The Hudong class vessel was built by Hudong-Zhonghua Shipbuilding Co.Ltd Shanghai China.The so-called Hudong series consists of four sister vessels, all with the same high-end technology and advanced features that in 2019 earned the first vessel, Bow Orion, the award as ‘Tanker Ship of the Year’.With these four vessels as flagships, and in combination with a total of 30 new vessels that enter our fleet from 2017 throughout 2020…

Capital Product Partners (CPLP), a Greek shipping company engaged in the seaborne transportation, has agreed to acquire three 10,000 TEU sister container ships for USD 162.6 million from Capital Maritime & Trading Corp.The ships, M/V Athos, the M/V Aristomenis and the M/V Athenian, were built in 2011 at Samsung Heavy Industries S. Korea.The vessels are under long-term time charters with Hapag-Lloyd which will expire in April 2024, said a press note from the shipping company.The gross charter rate for each vessel currently amounts to $27,000 per day, increasing to $28,000 per day for the M/V Aristomenis from October 2020, and from July 2021 onwards for the M/V Athos and the M/V Athenian.

The Greek marine transportation provider Pyxis Tankers Inc announced that it had agreed to sell the Pyxis Delta, a 2006 built 46,616 dwt product tanker.The emerging growth pure play product tanker company said that the closing of the sale should occur in January, 2020 and is subject to customary closing conditions.Valentios Valentis, our Chairman and CEO said: “The sale of our oldest, non-eco MR tanker reduces the average age of our fleet and provides us capital to repay debt, improve balance sheet liquidity and pursue growth opportunities, more cost-effectively."He added: "As we move into 2020, an exciting time for our sector, we look…

Greece-based provider of seaborne transportation for containerized cargoes Euroseas  announced that it has entered into agreements to acquire four 4,253 teu containerships built in South Korea, three in 2009 and one in 2008.The owner and operator of container carrier vessels said in a press release that the vessels are being acquired from companies controlled by Synergy Holdings Limited for a total consideration of approximately $40 million.The acquisition will be financed by bank debt, existing funds of the Company and $6 million raised in private placements.Euroseas  will also assume the charters the vessels are currently under. As part of the transaction…

The chemical tanker earnings for the third quarter of 2019 was impacted by the usual seasonal slowdown in volumes while rates remained stable, said Odfjell Group.According to the company specializing in worldwide seaborne transportation and storage of chemicals and other specialty bulk liquids,spot rates were stable to slightly stronger on the front haul routes but strong competition and seasonally lower volumes on the back-haul routes had a negative impact on the overall market.A high share of plant turnarounds and the attacks on oil installations in Saudi Arabia disrupted feedstock for chemical plants and refineries in September, and led to a slower recovery after the summer slowdown than normal.The global chemical tanker orderbook stands at 8.3% of the current fleet.

Capital Product Partners (CPLP), a Greek shipping company engaged in the seaborne transportation of a wide range of cargoes, including dry cargo and containerized goods, said that it is planning to install exhaust gas cleaning systems (scrubber) in six more vessels.Jerry Kalogiratos, Chief Executive Officer of our General Partner, said: “We are pleased to have concluded the first scrubber retrofit on the M/V Agamemnon and to see the vessel subsequently deliver under its new long-term charter until 2024. The scrubber retrofit combined with passing of the special survey of the vessel and the associated off hire, as well as certain additional…

The crude oil tanker company Euronav has purchased a total of 420,000 metric tons of compliant fuel oil and marine gasoil so far, the company revealed as it detailed its IMO 2020 sulfur cap plans. In aggregate the purchase value of very low sulfur fuel oil (VLSFO) has been at $447 per metric ton compared to a bunker price (HFO-3.5% Sulfur content) of $400 per metric ton over the same procurement period.According to the Belgium shipping company, the oil is currently aboard a ultra large crude carrier (ULCC) Oceania, a vessel built in 2003, and will soon be on its way to Singapore. Euronav owns the only two operational ULCC vessels (3m barrel capacity): the Europe (2002 – 442,470 dwt) and the Oceania.

Greek shipping company Capital Product Partners L.P. (CPLP) announced that its vessel, M/V ‘Agamemnon’ commenced new long-term time charter with Mediterranean Shipping Company Co. S.A.The 108,892 dwt / 8,266 TEU container carrier Agamemnon was built in built 2007 in Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea, said a press note from the shipping company engaged in the seaborne transportation of a wide range of cargoes, including dry cargo and containerized goods.The vessel is successfully completed the installation of a SOx scrubber system and ballast water treatment system and passing of its special survey.The charter is set to expire at the earliest in February 2024.CPLP currently owns 11 vessels…

The recovery of the chemical tanker market continued into the second quarter as main drivers were strong US exports and healthy volume development throughout the quarter on main trades, said Odfjell SE.The Clean Petroleum Products (CPP) market weakened which led to a net increase of 20 coated MR's trading chemical/veg-oils during the quarter, hereby increasing supply pressure for chemical tankers towards the end of the quarter, said the company specializing in worldwide seaborne transportation and storage of chemicals and other specialty bulk liquids.The global chemical tanker order book stands at 6.6% of the current fleet. The global deep-sea fleet based on vessels larger than 18,000 dwt grew by net 6 vessels in 2Q19 as 8 vessels were delivered, and 2 vessels were scrapped.

Euroseas, a shipping company that was founded about a century ago, announced that  its container vessel, M/V Akinada Bridge has entered into a charter contract of minimum duration of ten months and maximum duration of thirteen months at a daily rate of $16,500.The owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes said that the charter will commence upon completion of the vessel’s special survey and drydocking and the installation of a water ballast treatment (WBT) plant at a total cost of about $2.5 million.The Greek company expects to fully recover the above-mentioned cost…

Connecticut-headquartered Diamond S Shipping Group Inc. (DSG) announced that it has agreed to sell two of its 2008-built medium-range product carriers as part of its fleet renewal initiatives.The vessels - the Atlantic Aquarius and Atlantic Leo - are expected to be delivered in the third quarter or early the following quarter, said the owners and operators of crude and product tankers, which provide seaborne transportation of crude oil, refined petroleum and other products in international shipping markets.Diamond will recognize a non-cash charge of about $9.5 million per vessel this quarter, said a press note from the company.It expects…