Clear Lake News

The shipping industry is under increasing pressure to decarbonize, but unclear regulatory guidelines, including around what sorts of cleaner fuels large vessels should run, is complicating that path to net zero, according to executives.Global shipping firms are looking for ways to lower their carbon footprints, particularly as the International Maritime Organization (IMO), which regulates the global shipping industry, is being pushed to implement a charge on the sector's greenhouse gas emissions.The IMO's Maritime Environment Protection Committee concluded its 81st meeting last week…

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…

Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed.The attacks have driven up shipping costs sharply along with insurance premiums, but have had less impact than feared on oil flows, with shippers continuing to use the key East-West passage. The Houthis, who have said they are targeting Israel-bound vessels, have largely…

Shipowner Celsius Tankers announced it has ordered four new liquefied natural gas (LNG) carriers from shipbuilder China Merchants Heavy Industry (Jiangsu) (CMHI) for scheduled delivery in 2026 and 2027.Celsius has formed a joint venture with an affiliate of ArcLight Capital Partners (ArcLight), a middle-market infrastructure investor, to fund two of the LNG carriers. Commodities trading house Gunvor Group Ltd will have a significant equity interest in the other two newbuildings, the first for any independent LNG trading company, demonstrating the strength of Gunvor's global position in the LNG market. All four vessels will enter long…

Danish shipping company Celsius Tankers announced it has ordered a series of four liquefied natural gas (LNG) carriers from South Korean shipbuilder Samsung Heavy Industries. Upon delivery during 2023 and 2024, the 180,000-cuboc-meter capacity newbuilds will enter into long-term time charters with Clearlake Shipping, a subsidiary of Gunvor Group Ltd.Celsius Tankers recently took delivery of the fourth and last LNG carrier from the previous series of 180,000-cubic-meter capacity XDF vessels ordered at Samsung Heavy Industries in 2018.

Clearlake Shipping, a wholly-owned subsidiary of Gunvor Group, has fixed a new building 37,000 deadweight ton (dwt) asphalt carrier, the White Pearl, to be delivered before year end.White Pearl will complement Gunvor’s growing asphalt trading business, which has been active since 2016, adding to the company’s position in the trade, storage, and transportation of asphalt products. Gunvor’s trading desk operates worldwide, moving approximately 1 million MT of bitumen annually, and has a dedicated fleet of four existing fixed vessels and multiple spot charters.

Tanker owner TOP Ships announced on Tuesday that it has taken delivery of a scrubber-fitted 157,000 dwt newbuild Suezmax vessel, Eco Malibu, built at the Hyundai Heavy Industries shipyard in South Korea.The Marshall Island-flagged vessel is scheduled to commence by the end of the week its previously announced time charter employment with Gunvor Group subsidiary Clearlake Shipping for three years with two yearly extension options, TOP Ships said.The Nasdaq-listed company said revenue backlog expected to be generated by the fixture, assuming all options are exercised, is about $63.3 million. For 2021 alone, the charter is expected to generate $7.8 million in revenue, it said.

Energy trader Gunvor Group aims to cut its Scope 1 and 2 emissions by 40% in absolute terms by 2025, the company said on Tuesday, and has set up a new subsidiary to invest in non-hydrocarbon projects.The Geneva-based firm, which is among the top five global oil traders, aims to cut emissions it produces directly, and those from the electricity it uses, against its 2019 total of 1.9 million tonnes of carbon dioxide equivalent.Its new unit will invest in biofuel, renewable power projects such as solar and biomass…

The international ship-owning company Top Ships announced that its 50% subsidiaries which own M/T Holmby Hills and M/T Palm Springs entered into agreements to sell both vessels to unaffiliated third parties.According to the owner and operator of modern, fuel efficient "ECO" tanker vessels, the vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020.The two MR2 tankers are owned by Evangelos Pistiolis-led Top Ships  in a 50-50 joint venture with Gunvor’s Clearlake Shipping.Depending on when the closing of the sales take place and on prevailing USD Swap rates at the time of closing…

The Danish private equity firm investing in shipping, Dee4 Capital, announced the takeover of its fourth vessel, to be renamed “Dee4 Dogwood”, which is a medium-range product tanker.She will be placed in the Hafnia pool, thereby introducing spot market exposure to the Dee4 Capital portfolio during an expected period of positive earnings in the product tanker market in 2020.The other three vessels in the Dee4 Capital portfolio are also medium-range product tankers, which are currently on charter to Clearlake, a subsidiary of Gunvor.Meanwhile, Jens Christensen has joined Dee4 Capital as a Partner and Head of Technical & Operations, replacing Matias Andersen who will leave Dee4 Capital at the end of January 2020.Jens is highly experienced…

A flotilla of oil tankers is sailing empty from Europe and the Mediterranean toward the U.S. Gulf Coast to take advantage of surging shipping rates, according to shipping sources and Refinitiv Eikon data on Monday.Eight tankers, an unusually high number, are in the Atlantic and steaming to the United States, with capacity of up to 5.6 million barrels of oil combined, the people said. Freight rates for Aframax vessels out of the U.S. Gulf coast hit record levels last month, drawing more vessels to the region.The United States exported a record 4.46 million barrels of crude oil per day (bpd) in the week ended Dec. 27, according to the U.S. Energy Information Administration, as shale producers continued to deliver more oil than U.S.

The liquefied natural gas (LNG) tanker partnership GasLog Partners announced today that one of its subsidiaries has entered into a three-and-a-half-year charter for the GasLog Shanghai with Clearlake Shipping Pte Ltd.Clearlake Shipping is a subsidiary of Gunvor Group Ltd. The charter, expected to commence in June 2019, will have a variable rate of hire across the charter period based upon an agreed range.The GasLog Shanghai is a 155,000 cbm TFDE LNG carrier built in 2013 which is currently operating in the LNG carrier spot market.Andrew Orekar, Chief Executive Officer of GasLog Partners, stated, “I am very pleased to announce this three-and-a-half-year charter agreement with Gunvor…

Tanker vessel owner and operator TOP Ships Inc. announced that it took delivery of its 50 percent owned 49,703 dwt newbuilding product/chemical tanker M/T Eco Palm Springs on May 23, 2018. The vessel was constructed at the Hyundai Mipo Vinashin shipyard in South Korea.On May 26, M/T Eco Palm Springs commenced its three year time charter employment with Clearlake Shipping Pte Ltd.

A new ship holding company has been formed through a joint venture agreement between physical energy trader Gunvor Group, ship management company Oceangold Tankers and investor Maas Capital.The three partners hold an equal share in the new company, ClearOcean Tankers, which has been incorporated in Cyprus.The new joint venture company has entered into shipbuilding contracts for six vessels from South Korean shipyards, including four MR2 product tankers from STX Offshore & Shipbuilding Co. and two LR2 product tankers from Daehan Shipbuilding Co.

Diana Shipping, through a separate wholly-owned subsidiary, has entered into a time charter contract with EGPN Bulk Carrier, Hong Kong, for one of its Capesize dry bulk vessels, M/V Boston. The gross charter rate is $17,000 per day, minus a 5 percent commission paid to third parties, for a period of minimum 16 months to maximum 19 months. The charter commenced yesterday. The m/v Boston was chartered, as previously announced, to Clearlake Shipping Pte. Ltd., Singapore, at a gross charter rate of $13,000 per day, minus a 4.75 percent commission paid to third parties, for the agreed period of the time charter. Boston is a 177,828 dwt Capesize dry bulk vessel built in 2007.

The bold blue “V” logo emblazoned on the green-banded white stack continues to proliferate on American waterways. Vane Brothers Company has been expanding its fleet with new construction. Recently the marine transportation company announced a contract for three ATB tugs to be built at the Conrad Orange Shipyard in Orange, Texas. Designed by Greg Castleman of Castleman Maritime LLC, based in Clear Lake Shores, Texas, the 110-foot by 38-foot tugs will be mated to 80,000-barrel barges designed by Bristol Harbor Group and being built by Conrad Industries of Amelia, Louisiana.

The Economou family's TMS Cardiff Gas Ltd. has exercised options on its contracts with Hyundai Heavy Industries of Korea for the construction of an additional two 78,700 cbm LPG carriers. Both vessels are scheduled for delivery in Q4 2017, when they will enter into ten year timecharter contracts with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group. The vessels will be tradeable across both, the new and old Panama canal, and will be built to the highest industry specifications, as per TMS Cardiff Gas standards. These orders mark the Group's further expansion into the LPG sector, currently with a fleet of four VLGCs, all with secured term employment upon delivery.

Diana Shipping Inc. has through a separate wholly-owned subsidiary took delivery of the m/v Medusa (formerly ”Torm Island”), a 2010-built Kamsarmax dry bulk vessel of 82,194 dwt that the company entered into an agreement to purchase in April 2015. Athens-based dry bulk specialist also announced that it entered into a time charter contract with Clearlake Shipping Pte. Ltd., Singapore, a member of the Gunvor Group, for the Medusa. The was acquired from Torm for $18.05m, has started work for Clearlake Shipping of Singapore, part of the Gunvor Group, at $7,450 per day. Medusa has the smallest daily rate of Diana’s four kamsarmaxes. The other three earn between $8,250 and $12,000 on a daily basis. Clearlake agreed to take the vessel for a period of 10 to 14 months.

Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter  contract with Clearlake Shipping Pte. Ltd., Singapore, a member of the  Gunvor Group, for one of its Capesize dry bulk vessels, the m/v New  York. The gross charter rate is $12,850 per day minus a 4.75%  commission paid to third parties, for a period of minimum 14 months to maximum 18 months. The charter is expected  to commence on December 18, 2014. The New York is a 177,773 dwt Capesize dry bulk vessel built in 2010.

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has agreed to extend the present time charter contract with Clearlake Shipping Pte. Ltd., Singapore, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini. The gross charter rate will remain $15,500 (USD) per day, minus a 4.75% commission paid to third parties, for a period of up to minimum February 15, 2015 to maximum May 10, 2015. The new charter period is expected to commence by mid- February 2014. The Myrsini is a 82,117-dwt Kamsarmax dry bulk vessel built in 2010.

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that yesterday through a separate wholly-owned subsidiary, it entered into a time charter contract with Clearlake Shipping Pte., Ltd., Singapore, a member of the Gunvor Group, for one of its Capesize dry bulk vessels, the m/v Houston. The gross charter rate is $20,500 per day, minus a 4.75% commission paid to third parties, for a period of about 11 months to about 14 months. The charter commenced yesterday. The Houston is a 177,729 dwt Capesize dry bulk vessel built in 2009.

Clear Lake Shores-based Castleman Maritime LLC has been commissioned by Texas tug operator, Signet Maritime LLC, to engineer and design their seventh ASD (Azimuthing Stern Drive) tug. This new 72' LOA x 28' Beam ASD tug is a smaller size, giving her operators improved maneuverability in the tight quarters found on Texas' inland waterways. Upon delivery, the M/V Signet Vigilant will operate from Signet's International Operations Center in Ingleside, Texas. The proximity of Castleman…

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it took delivery of the MV Myrsini (formerly Stefania Lembo), a 2010 built Kamsarmax dry bulk vessel of 82,117 dwt. The acquisition of this vessel was originally announced on September 23, 2013. The Myrsini is time chartered to Clearlake Shipping Pte. Ltd., Singapore, at a gross charter rate of $15,500 per day, minus a 4.75% commission paid to third parties, for a period of minimum four months to about six months.