Crude Oil Carrier News

South Korean shipbuilder Hanwha Ocean has received an order to construct two very large crude carriers (VLCCs) for a shipping company in Oceania.The order for VLCCs, worth $257.8 million (342 billion won), is the first such order for Hanwha Ocean in the last three years. This is also the highest price for the vessels in 16 years, since the 2008 global financial crisis, the company said.The ships will be built at the Geoje plant and delivered to the shipowner in the first and second half of 2026…

Greek shipowner Performance Shipping Inc. announced it has signed two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. (CSTC) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS) for the construction of two 114,000 DWT LNG-ready LR2 Aframax product/crude oil tanker vessels.The newbuilds, expected to be delivered in January and April of 2026, were ordered at a purchase price of US$64,845,000 per vessel, net of third-party commission. 15% of the purchase price is payable upon receipt of a refund guarantee…

International Maritime Industries (IMI), the largest shipyard in the MENA region, has expanded its partnership with Hyundai Heavy Industries (HHI) through a technical service agreement to further enhance its shipbuilding capabilities.Under the agreement, HHI will provide technical assistance and consulting services in Very Large Crude Oil Carrier (VLCC) engineering to IMI, reflecting its commitment to supporting the development of IMI’s shipbuilding capabilities and engineering services since its launch in 2017.The agreement was signed by Dr.

The South Korean government on Monday called on striking workers at Daewoo Shipbuilding & Marine Engineering (DSME) to end their month-long siege of a dock at the company's biggest shipyard, which has paralyzed production and is delaying delivery of new vessels.Finance Minister Choo Kyung-ho called the occupation "outright illegal" and pledged a "stern response based on law and order."The shipyard near the city of Geoje, off the country's south coast, is one of the world's largest.

A methanol dual fuel 300,000 DWT crude oil carrier (VLCC) has received Approval In Principle (AIP) from classification society Korean Register (KR).The methanol dual-fuel VLCC, which was developed under a joint project between KR and shipbuilder Hyundai Heavy Industries (HHI), is powered by methanol and marine gas oil (MGO). HHI has developed the vessel so that the methanol fuel tank can be placed in either the open deck or the cargo area and KR has verified the safety and suitability of the vessel’s design…

A 300,000-ton very large crude carrier (VLCC) built by DSIC, a subsidiary of China State Shipbuilding Corporation, for China Merchants Steamship was named and delivered on June 18.New Valor is the fourth ship in the series of six new-generation energy-saving and environmentally friendly VLCCs built by DSIC for China Merchants Shipping, and also the 23rd 300,000-ton super-large crude oil carrier delivered by DSIC to China Merchants Shipping.The ship has a total length of 333 meters, a width of 60 meters and a depth of 30 meters.

Nippon Yusen Kabushiki Kaisha (NYK), MTI Co., Ltd. (MTI) and Elomatic have completed the development of a concept design for an ammonia-fuel ready LNG-fueled vessel (ARLFV) for the transition to a future marine fuel.As the maritime world digests a raft of new legislation leading toward decarbonization, a main concern is the ability to leverage the full value of ships built today in a fast evolving environment. In short, flexibility in design, particularly when it comes to fuel flexibility…

Tanker operator TOP Ships said Wednesday it had taken delivery of the "very high specification" scrubber fitted, 300,000 dwt newbuilding Very Large Crude Oil Carrier (VLCC) vessel M/T Legio X Equestris.Built at the Hyundai Heavy Industries shipyard in South Korea, the vessel is gearing up to start its previously announced time charter in a few days.The charter is with an unnamed major oil trader. The contract is for three years with two yearly extensions at the charterer’s option.

The very large crude oil carrier (VLCC) Tateshina, owned by NYK, was delivered on November 8, 2021, built at Nantong COSCO KHI Engineering Co., Ltd. (NACKS) in China.According to the owner, several enhancements have been incorporated on Tateshina to help improve performance and fuel efficiency and reduce emissions, including a modified bow shape to help reduce wave resistance. This ship is also equipped low-friction paint, high-efficiency large-diameter propellers, and ladder fins that regulate the water flow at the stern and reduce energy loss.

Kongsberg Digital reports that the Maritime Academy of Asia and the Pacific (MAAP) has adopted its new K-Sim eLearning solution, as well as commissioning installation of a cutting-edge K-Sim Safety firefighting simulator at its premises in the Philippines.K-Sim Connect has provided more than 23,000 cloud-based simulations to customers worldwide this year.MAAP – a leading institution of excellence for maritime education and training in the Asia-Pacific region – has for decades been a pioneer in the use of new simulation-based training tools.

Chevron Corp crude oil cargo has become embroiled in U.S. sanctions on shipping companies for violating restrictions on doing business with Venezuela, the company confirmed on Friday.Adamant Maritime Ltd, the owner of very large crude-oil carrier (VLCC) Seahero was sanctioned by the U.S. Department of Treasury on Tuesday for carrying a Venezuelan cargo in February. The vessel currently is heading to Asia after recently stopping in Trinidad and Tobago, according to vessel tracking data.The tanker on short term charter and "performing a voyage that is not related to Venezuela," Chevron spokesman Ray Fohr said. "We are working with the appropriate government agencies to ensure compliance with U.S. laws and regulations," he said.The U.S.

After a frantic week that sent crude oil freight rates to record highs amid a bookings bonanza to ship Saudi oil to the world, rates are now easing as charterers balk at the nosebleed charges and await Saudi volume plans for April, shipping sources said."Sentiment remained softer today," said one ship broker while pointing to another day of limited chartering activity.At least nine very large crude oil carrier (VLCC) provisional charters failed this week along with another five for Suezmax tankers…

Overseas Shipholding Group, the tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets, has entered into agreements with BP Oil Shipping Company USA and BP AMI Leasing to purchase the crude oil carrier vessels operated by Alaska Tanker Company (ATC).OSG currently owns a 37.5% interest in ATC. As part of the above transaction, OSG will acquire the remaining 62.5% interest of ATC that it does not own.According to the publicly traded tanker company, the agreements provide for deposits equal to 20% of the purchase price to be paid upon their execution, with the balance of the consideration to be paid at closing.Closing of the purchases is subject to various conditions…

The very large crude oil carrier (VLCC) Tanzawa, the first new NYK-owned vessel to include an SOx scrubber, has been delivered into the NYK fleet. On October 3, a naming and delivery ceremony was held at the Kure shipyard of Japan Marine United Corporation, and attended by Akira Kono, NYK managing corporate officer, and other related parties.The new vessel is equipped with a scrubber that is compliant with the International Maritime Organization’s (IMO) more stringent SOx emission regulation…

Saudi Arabia’s International Maritime Industries (IMI) has signed a vessel purchase agreement (VPA) with the National Shipping Company of Saudi Arabia (Bahri) and a subsequent sub-contract agreement with South Korean shipbuilder Hyundai Heavy Industries (HHI) to build one very large crude carrier (VLCC).Hyundai Heavy will transfer architectural designs and related technological know-how for the building of very large crude carriers (VLCCs) to IMI. It will build one 319,000 DWT Class Crude Oil Carrier  with delivery expected in October 2021."This project award further strengthens the business relationship between IMI and its shareholders…

Kongsberg Digital unveiled an innovative new simulator solution for training officers and crew in advanced firefighting. K-Sim Safety offers high fidelity simulation covering all aspects of fire safety. K-Sim Safety contributes to reducing the impact of fire on board as well as planning strategies and tactics to control fire in various parts of the ship, enabling a safer and more effective response to incidents when they occur.K-Sim Safety delivers practical exercises simulated in a realistic environment and meets the STCW regulation VI/3…

Hyundai Samho Heavy Industries (HSHI) has completed building a scrubber-equipped Very Large Crude oil Carrier (VLCC), the first of two ships ordered by Greek shipowner Almi Tankers in August 2016, reported the Pulse. The affiliate with South Korea's largest shipbuilder Hyundai Heavy Industries (HHI) said that the VLCC is fitted with an exhaust gas cleaning system that can meet stricter restrictions on sulphur oxide emissions that will come into force in 2020. HSHI on Tuesday held a naming ceremony for the oil tanker. The 310,000-ton VLCC - which is 336 meters long, 60 meters wide, and 30 meters deep - is loaded with various facilities…

Kongsberg Digital has received DNV-GL statements of compliance for two of its newest Engine Room Simulator models designed to provide in-depth training on the K-Sim Engine simulator platform. The DNV GL-ST-033 March 2017 Maritime Simulator Systems certification, which is based on the requirements of STCW Convention, Regulation I/12, was awarded to the DEDF Cruise Ferry and L11 MAN 6S70 ME SCC K-Sim Engine models in December 2017. Now commercially available to all K-Sim Engine users…

China's Dalian Shipbuilding Industry Co (DSIC) is working on China's first smart crude oil carrier - a special project named "smart ship 1.0 R&D - which will incorporate technology to help the captain operate the ship. The Chinese state media quoted Guan Yinghua, deputy chief engineer of DSIC as saying that the project was assigned by the Ministry of Industry and Information Technology. Guan said that the very large intelligent crude carrier will be the most important result of the project. She said the smart vessels represent the future. DSIC is a subsidiary of State-owned shipbuilding giant China Shipbuilding Industry Corp. This year…

South Korean shipyards emerged on top for new orders in April, Business Korea reported quoting industry data. The global total amount of new shipbuilding orders reached 750,000 CGT last month and 340,000 CGT and 260,000 CGT went to South Korean and Chinese shipbuilders, respectively. Japanese shipyard orders came to nil. In terms of numbers, Korean shipyards clinched new orders to build 12 ships. South Korea took the largest portion of very large crude oil carrier (VLCC) orders placed in quantity early last month, said the report. In the January-April period, South Korean shipyards secured 1.23 million CGTs worth of new orders to build 34 ships. China took the top slot with 1.43 million CGTs, or 78 ships, says HongKong Standard.

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. The vessel is expected to be delivered to its new owner in the first quarter of 2017, and the net sales price will be approximately $24 million, including a compensation from Frontline for the early termination of the charter.

Ship Finance International Limited announced that it has agreed to sell the 1998 built VLCC Front Vanguard to an unrelated third party. Ship Finance has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner by the end of June, and the net sales price is approximately $24 million, including a compensation of $0.4 million from Frontline for the early termination of the charter. Ship Finance said the divestment of older vessels is part of its strategy to renew and diversify the fleet, and the proceeds are expected to be reinvested in new assets.

Ship Finance International Limited (SFL) has agreed to sell the 1998-built Suezmax tanker Mindanao to an undisclosed unrelated third party, simultaneously terminating the corresponding charter party for the 17-year old crude oil carrier with a subsidiary of Frontline Ltd. The 159,211 dwt vessel is expected to be delivered to its new owner in December 2015. According to SFL, the sale is in line with its plans to divest older vessels in a strategy to renew and diversify its fleet.