Aframax Oil Tankers News

Malaysia’s MISC Group has entered into time charter party (TCP) and shipbuilding contracts for the development of world’s first two ammonia dual-fuel Aframax oil tankers.The TCP contract has been signed with Petronas' PETCO Trading Labuan Company (PTLCL), through MISC Group's petroleum arm AET.Using these vessels, PTLCL will be able to transport its products to customers around the world while contributing to the industry decarbonization by utilizing ammonia as the cleaner alternative…

SCF Novoship Technical Management has selected the Ecochlor Ballast Water Treatment System (BWTS) to be retrofitted on three Aframax Oil Tankers and one Product Carrier. All of these retrofits are to be carried out in 2016. “SCF Novoship Technical Management required a BWTS that is highly effectively in extreme climate conditions, has low power consumption and is nearing completion of the U.S. Ecochlor's BWTS employs a two step process to treat ballast water. First, a filtration system removes sediments and larger organisms…

Jiangsu Hantong Ship Heavy Industry Co.,Ltd. (HT) has signed 4+2 115,000DWT Aframax Oil Tankers contract with Cardiff Marine. The Chinese shipbuilder said the tankers will be designed by Shanghai Merchant Ship Design & Research Institute (SDARI), and financial details of the deal were not disclosed. They are built in NHT and are estimated to be delivered since September, 2017 successfully, the company said in its press release. Economou-led Cardiff Marine ordered two similar aframax tankers at Hantong in July at a price of $46.5m each. Jiangsu Hantong  was established in 2003, specializing in shipbuilding and offshore products. HT is located in Jiangsu province,Nantong city,which is only 140 km away from Shanghai and transportation is very convenient.

Despite a caveat by auditors as to whether FSL Trust may continue as a going concern, due to the conditions of a loan covenant, the ship-owning trust has continued to ensure that its vessels have generated a return in the third quarter of 2013. The Trust suffered a 3QFY13 loss of US$8.9 million. This was partly due to recognition of an impairment loss of US$3.6 million caused by the lease defaults for two dry bulk carriers. Bareboat charter revenue fell 23.6% YoY to US$13.9 million from US$18.3 million due to the payment default of US$3.0 million for two crude oil tankers…

Events of the past two years — headlined by the Asian financial crisis, supported by falling oil demand and punctuated by OPEC's production cutbacks to buoy per barrel pricing — have conspired to throw and keep the tanker market into a historical abyss. In an industry renowned for its ups and downs, this was a “down” for the record books. Consequences of poor rates for the transport of oil products have and will be debated for years, but relying on the cliche “if it doesn't kill you, it will only make you stronger,” it would appear that the companies left standing — those not acquired, merged or simply shut down — should be poised to capitalize on favorable market conditions to come. None, though, is so well suited to prosper as Teekay Shipping.

Events of the past two years -- headlined by the Asian financial crisis, supported by falling oil demand and punctuated by OPEC's production cutbacks to buoy per barrel pricing -- have conspired to throw and keep the tanker market into a historical abyss. In an industry renowned for its ups and downs, this was a "down" for the record books. Consequences of poor rates for the transport of oil products have and will be debated for years, but relying on the cliché, "if it doesn't kill you, it will only make you stronger," it would appear that the companies left standing - those not acquired, merged or simply shut down - should be poised to capitalize on favorable market conditions to come. None, though, is so well suited to prosper as Teekay Shipping.