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An Oil Tanker News

25 Mar 2024

Baltic Dry Index Slips to Three-week Low

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The Baltic Exchange's main sea freight index fell to over a three-week low on Monday, weighed down by weakness in the capesize and panamax vessel segments.he overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell for the fifth straight session by 73 points, or 3.3%, to 2,123 points.The capesize index lost 187 points, or 5.4%, at 3,295, its lowest level since Feb. 27.Average daily earnings for capesize vessels, which typically transports 150…

24 Mar 2024

US Forces Engage Six Houthi UAVs

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U.S. forces engaged six Houthi unmanned aerial vehicles (UAV) over the southern Red Sea after the group launched four anti-ship ballistic missiles toward a Chinese-owned oil tanker, the U.S. Central Command said on Saturday.Iranian-backed Houthis launched the missiles in the vicinity of M/V Huang Pu, a Chinese-owned oil tanker, the Central Command said in a post on X.A fifth missile was fired toward the oil tanker, which issued a distress call, the Central Command said, adding that no casualties were reported in the incident and a fire on board was extinguished.U.S.

20 Mar 2024

Shipping Companies Turn to Longer-Term Leases as Tanker Supply Tightens

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Rising oil tanker chartering rates due to global shipping disruption are forcing oil shippers to take on longer-term shipping charters, executives said this week at an energy conference in Houston.The global oil tanker fleet must now travel further to get crude to refineries and fuel to consumers. European sanctions have forced Russian exporters to send oil to Asia that would have otherwise gone to Europe. Attacks on vessels in the Red Sea have forced some shippers to sail around…

19 Mar 2024

Euronav to Exit Belgium's Blue-chip Index Two Days After Joining

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Tanker company Euronav will exit Belgium's blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime Belge (CMB), bourse operator Euronext said on Tuesday.CMB, owned by the Saverys family, and affiliates together hold 88.61% of the outstanding shares in Euronav, which exceeds the maximum allowed for the index."The Bel 20 rulebook prescribes that should the acquiring party own more than 85% of the shares, the company being acquired will exit the index," Euronext said.Belgium's Euronav announced in October that

13 Mar 2024

Second Russian Tanker, Hit by Sanctions, Docks in China

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Russian tanker Krymsk, hit by sanctions, docked on Wednesday at the Chinese port of Dongying in eastern Shandong province, home of independent refiners, to discharge 700,000 barrels of Russian Sokol crude, LSEG and Kpler shipping data showed.This is the second Russian oil tanker, hit by sanctions, to dock at Chinese ports this month. Last week, tanker Liteyny Prospect discharged its 700,000-barrel Sokol crude cargo at the Chinese port of Huanghua near Cangzhou city in Hebei province.The Dongying port authority declined comment when contacted by Reuters.

06 Mar 2024

MOL and Petrobras Sign Cargo Transfer Vessels Deals

Sealoader 2 (Credit: MOL)

Mitsui O.S.K. Lines (MOL) and Brazil’s state-owned energy giant Petrobras have signed a charter contract for cargo transfer vessel (CTV) SeaLoader 2, and agreed to start negotiations for a new CTV shipbuilding contract by the end of 2024.MOL signed the deal through its wholly owned subsidiary, SeaLoading Holding, which owns and operates CTVs.SeaLoading started a CTV agreement with Petrobras for SeaLoader 2 on a trial period in January 2022, and successfully completed more than 30 crude oil offloading operations from Petrobras' FPSOs located in the Santos Basin…

26 Feb 2024

Houthis Keep Up Pressure with Near Miss on US-flagged Tanker

FILE PHOTO: Torm Thor (Photo: Torm)

Yemen's Houthis fired a missile that likely targeted the Torm Thor in the Gulf of Aden on Feb. 24 but missed the U.S.-flagged oil tanker, the U.S. Central Command (CENTCOM) said on Monday, as the Iran-aligned militia steps up attacks on ships.Shipping risks have escalated due to repeated Houthi drone and missile strikes in the Red Sea and Bab al-Mandab Strait since November in support of Palestinians in Gaza. U.S. and British forces have responded with several strikes on Houthi…

24 Feb 2024

Houthis Target Torm Tanker

Source: Torm

Yemen's Houthis targeted MV Torm Thor, a U.S.-flagged, owned, and operated oil tanker, in the Gulf of Aden, the Iran-aligned group's military spokesman Yahya Sarea said on Sunday, as the militants continue to attack shipping lanes in solidarity with Palestinians in Gaza.The group targeted the tanker with "a number of appropriate naval missiles," Sarea added in a televised speech.The U.S. Central Command (CENTCOM) said the USS Mason, a guided missile destroyer, on Saturday shot…

18 Feb 2024

Houthis Claim Missile Attack on Oil Tanker

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Yemen's Iran-aligned Houthis claimed responsibility on Saturday for an attack on the oil tanker M/T Pollux, which U.S. officials said the previous day had been hit by a missile."The naval forces of the Yemeni Armed Forces carried out a targeting operation against a British oil ship (Pollux) in the Red Sea with a large number of appropriate naval missiles," Houthi military spokesperson Yahya Sarea said in a statement, adding the strikes "were accurate and direct".U.S. Central Command…

12 Feb 2024

Euronav Concludes Billion-Dollar Acquisition of CMB.TECH

(Credit: Euronav)

Belgian tanker operator Euronav has concluded the acquisition of 100% shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.The transaction is part of Euronav’s renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.It was first announced in December 2023, and also entails Euronav’s proposal change its corporate name to CMB.TECH following completion of the transaction and the offer.

01 Feb 2024

Russian Oil Flows Through Red Sea Face Lower Risks

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Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data.Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India. Before the war, Russia exported…

31 Jan 2024

Houthis Say They Targeted US Merchant Vessel

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Yemen's Houthis on Wednesday said their naval forces carried out an operation targeting an "American merchant ship" in the Gulf of Aden hours after firing missiles at U.S. Navy destroyer Gravely.They targeted the "American merchant ship KOI ... with several appropriate naval missiles," Houthi military spokesperson Yahya Sarea said in a statement.The Liberian-flagged container ship Koi is operated by UK-based Oceonix Services. The company's fleet includes the oil tanker Marlin Luanda…

26 Jan 2024

Freight Through Suez Canal Down 45% Amid Houthi Attacks

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Freight going through the Suez Canal has dropped by 45% in the two months since attacks by Yemen's Houthis led shipping groups to divert freight, disrupting already strained maritime trading routes, according to UN agency UNCTAD.UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, warned of risks of higher inflation, uncertainty of food security and increased greenhouse gas emissions.Shipping companies have diverted ships from the Red Sea since the Iran-aligned Houthi movement…

22 Jan 2024

Vigor Wins Repair Contract for Hospital Ship USNS Mercy

The hospital ship USNS Mercy (T-AH 19) anchored off Chuuk, Federated States of Micronesia on January 18, 2024. (Photo: Jacob Woitzel / U.S. Navy)

Vigor Marine has been awarded a contract for a 93-calendar day shipyard availability for a mid-term availability of Military Sealift Command’s (MSC) hospital ship USNS Mercy (T-AH 19).The $21,198,656 firm-fixed-price contract includes a base period and options, which if exercised, would bring the cumulative value of this contract to $21,711,746. Vigor was the sole bidder for the project.Work will be performed in Portland, Ore., beginning March 15, 2024, and is expected to be completed by June 15…

22 Jan 2024

Red Sea Shipping Disruptions Could be Avoided by Using the Arctic, But Challenges Exist

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Attacks by Yemeni Houthi rebels on merchant ships in the Red Sea have hit world trade. Between November and December 2023, the number of containers travelling through the Red Sea each day fell by 60% as ships moving goods between Asia and Europe diverted their routes around the Cape of Good Hope at the southern tip of Africa.This route results in at least ten days more sailing time, so has caused freight prices to surge and has triggered costly delays to production. The region has become a bottleneck for the global economy before.

11 Jan 2024

Iran Confirms Seizure of Oil Tanker Involved in US-Iran Dispute

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Iran seized a tanker with Iraqi crude destined for Turkey on Thursday in retaliation for the confiscation last year of the same vessel and its oil by the U.S., Iranian state media reported, a move likely to stoke regional tensions.The seizure of the Marshall Islands-flagged St Nikolas coincides with weeks of attacks by Yemen's Iran-backed Houthi militias targeting Red Sea shipping routes."After the theft of Iranian oil by the United States last year, St Nikolas tanker was seized by Iran's Navy this morning with a judicial order ...

11 Jan 2024

Oil Tanker Involved in US-Iran Dispute Boarded by Armed Guards Near Oman

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An oil tanker caught up in a dispute last year between the United States and Iran was boarded by armed individuals off the coast of Oman on Thursday and appeared to have changed course towards Iran, according to UK maritime sources.The Marshall Islands-flagged tanker St Nikolas was boarded by armed intruders as it sailed close to the Omani city of Sohar, according to British maritime security firm Ambrey, and its AIS tracking system was turned off as it headed in the direction…

02 Jan 2024

Performance Shipping Orders Two LR2 Tankers

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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…

20 Dec 2023

BP Pauses All Shipments Through Red Sea Amid Houthi Attacks

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Oil prices were little changed on Tuesday as investors eyed the impact on oil supply after attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Brent crude futures rose 6 cents to $78.01 a barrel at 0726 GMT. The front-month U.S. West Texas Intermediate crude futures contract , which expires on Tuesday, fell 18 cents to $72.29 a barrel. The more active second-month contract dropped 10 cents, or 0.1%…

19 Dec 2023

Shippers Mask Positions, Weigh Options Amid Red Sea Attacks

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A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.Attacks in recent days on ships in the major Red Sea shipping route have raised the spectre of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.The Red Sea is linked to the Mediterranean by the Suez Canal…

19 Dec 2023

US Launches Multi-National Operation to Safeguard Red Sea Commerce

Defense Secretary Lloyd J. Austin III greets Israeli Defense Minister Yoav Gallant in Tel Aviv, Israel, Dec. 18, 2023. Austin traveled to Israel to meet with counterparts and underscore unwavering U.S. commitment to Israel's right to defend itself in accordance with international humanitarian law. (Source: US Department of Defense)

The United States on Tuesday launched a multinational operation to safeguard commerce in the Red Sea as attacks by Iran-backed Yemeni militants forced major shipping companies to reroute, stoking fears of sustained disruptions to global trade.The Houthi militant group, which controls vast amounts of territory in Yemen after years of war, has since last month fired drones and missiles at international vessels sailing through the Red Sea - attacks it says respond to Israel's devastating assault on the Hamas-ruled Gaza Strip.This week…

19 Dec 2023

Disruptions in Red Sea Unlikely to Have Large Effects on Oil, LNG, Goldman says

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The disruption to energy flows in the Red Sea is unlikely to have large effects on crude oil and liquefied natural gas (LNG) prices as vessel redirection opportunities imply that production should not be directly affected, Goldman Sachs said.Oil prices advanced on Tuesday, extending gains from the previous session, as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Oil major BP temporarily paused all transits through the Red Sea and oil tanker group Frontline FRO.OL said on Monday its vessels would avoid

12 Feb 2024

Euronav to Buy CMB.TECH for $1.15 Billion

(Credit: Euronav)

Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.CMB.TECH builds…