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Crude Transportation News

09 Feb 2022

NAT Inks Time Charters for Two Suezmax Newbuilds

© Haris Andronos / Adobe Stock

Tanker shipping company Nordic American Tankers (NAT) announced Wednesday it has lined up six-year time charters for a pair of Suezmax newbuilds scheduled to be delivered from South Korea later this year.The contracts for the 156,800 dwt tankers are with Oman-based ASYAD Shipping Company, and they will commence upon delivery from the shipyard in May and June.Herbjorn Hansson, NAT board chairman, president, CEO, said, “Our business is expanding in the Middle East, which is an important area for our operations.

03 Nov 2017

Teekay’s New Shuttle Tanker Delivered

Beothuk Spirit is the first of three new Canadian flagged shuttle tankers built by Samsung Heavy Industries for Teekay Offshore (Photo: Teekay Offshore)

Teekay Offshore said it has taken delivery of Beothuk Spirit, the first of three new shuttle tankers to serve East Coast Canada, built in Korea by Samsung Heavy Industries. Heritage Class sister vessels Norse Spirit and Dorset Spirit are scheduled for delivery in the first half of November 2017 and early-2018 respectively. The three Suezmax, DP2 shuttle tankers will provide crude transportation services to the Hibernia, Terra Nova, White Rose and Hebron offshore oil fields located in St. John’s, Newfoundland & Labrador.

15 May 2014

Jones Act Tanker Market to Grow with Oil Production Boom

The Jones Act has been blamed for everything from higher prices of goods and oil to a shortage of rock salt supply in the Northeast during the past winter, but the 94-year-old U.S. federal statute governing the U.S. coastal shipping trades will not be going away anytime soon. The solid status of this deeply entrenched U.S. federal maritime law is reflected in heavy investments by oil, logistics and shipping companies in this lucrative domestic shipping sector. Last December, Kinder Morgan spent nearly $1 billion in its acquisition of its first Jones Act tanker assets when it bought American Petroleum Tankers and State Class Tankers. The market outlook for U.S.- flagged oil tankers remains bright, and some companies are banking on that.

27 Dec 2012

Iran-built Container Ship Launched

Iran unveiled has unveiled its newest domestically-made container ship, named 'Iran-Shahrekord'. The ship has 2200 TEU capacity and has received all the necessary certificates from international institutes reports the Tehran Times. In addition, the National Iranian Tanker Company managing director announced that 21 new tankers will be added to the national fleet by the end of 2013, raising the country’s crude transportation capacity to 180 million tons per year. The Islamic Republic of Iran Shipping Lines managing director, Mohammad-Hossein Dajmar, claims that according to the United Nations Conference on Trade and Development (UNCTAD), Iran holds a 1.17 percent share of the total shipping capacity in the world, placing the country in 19th position.

08 Dec 2011

Iran Tanker Company to Add 21 Tankers

The managing director of the National Iranian Tanker Company announced that 21 new tankers will be added to the national fleet by the end of 2013, reaching the country’s crude transportation capacity to 180 million tons per year, according to a report on the Tehran Times. (Source: Tehran Times)

07 Jun 2002

U.S. Shipbuilding: Prospects Abound, but Where’s the Money?

While the U.S. commercial shipbuilding industry outperformed the U.S. economy between 1992 and 2001, this period witnessed the construction of barely a dozen large ocean going vessels for our U.S. domestic trades with an aggregate cost of not much more than $500 million. In contrast, U. S. national transportation needs for the current decade will require the construction of four to five dozen such commercial vessels which, taken together with the building of smaller vessels to meet our other domestic needs, will involve shipbuilding contracts in excess of $6 to $7 billion. The majority of this work is federally mandated by the Oil Pollution Act of 1990, or involves the replacement of vessels in our U.S. non-contiguous trades that have reached the end of their useful lives.

05 Oct 2000

Vietsovpetro To Operate New Tanker

The Vietnam-Russia oil and gas joint venture, Vietsovpetro, plans to operate a new tanker from next week, bringing their crude transportation fleet to four, officials said. It was reported that the new tanker was built by a Japanese firm at a cost of $90 million and had a capacity of 150,000 tons of crude (1.1 million barrels). It will reportedly become operational from October 10. Vietsovpetro officials have said Ba Vi was taken into dry dock for repair after bad weather damaged its single mooring buoy in mid-February, cutting by more than half the output of crude oil and gas from the Bach Ho field. The vessel resumed operations in April. An industry source said that at the time that the damage was not to the mooring buoy but to a crude oil tank.

13 Dec 2004

OSG To Acquire Stelmar Shipping

Overseas Shipholding Group, Inc. transportation services with one of the world's largest and most modern Handymax and Panamax tanker fleets. Stelmar. value of the transaction is approximately $1.3 billion. Executive Officer of OSG. LNG sector," Mr. Arntzen continued. deadweight tons. international flag vessels totaling 12.9 million deadweight tons. double-sided," Arntzen concluded. segments. facilities." Mr. on crude transportation with spot orientation. and Panamaxes with time charter orientation. shareholders and satisfaction of customary closing conditions. transaction is expected to close by the end of January 2005. with the transaction.

11 Jul 2005

Berglund Joins OSG

Overseas Shipholding Group, Inc. appointed veteran shipping executive Mats Berglund as Senior Vice President to lead OSG's Crude Transportation Strategic Business Unit. In this newly created role, he will be responsible for OSG's VLCC, Aframax and Panamax tanker operations. Berglund will relocate to the United States and be based out of OSG's corporate headquarters in New York City, New York. Morten Arntzen, President and CEO of OSG said, "Mats' broad shipping experience, leadership, financial acumen, innovation and ability to develop strong customer, business and governmental relationships is exceptional." Mr. Mats Berglund commented, "I am very excited to join OSG, an industry leader with world class operations and financial strength. Since 2002, Mr.

29 Mar 2006

OSG To Build Four Tankers

Inc. will build four, 114,000 dwt 44-meterbeam Aframax tankers at the New Times Shipbuilding Co., Ltd. based in Jinjiang, China. International (AI) pool. bulk carriers ordered after April 1, 2006. by each classification society. million for each of the high specification tankers. vessels, aggregating 12,652,837 dwt and 864,800 cbm. worldwide with a combined fleet of 42 Aframax tankers. older Aframax tankers. vessel operating expenses. market today for less efficient vessels that are not CSR-compliant. than double the commercial life of the vessels.

04 Jun 2003

U.S. Shipbuilding 2003: A Congested Attempt to Fund

Meeting national transportation needs during the current decade should involve a surfeit of new contracts for our domestic shipbuilders. The Oil Pollution Act of 1990 (OPA 90) mandates double hulls for all vessels engaged in U.S. petroleum carriage. In our non-contiguous trades, renewal programs are needed for the replacement aging container and RoRo fleets. Moving freight containers and trailers on RoRo barges and vessels, and moving people on passenger and passenger-vehicle high speed ferries, provide the obvious solutions to traffic congestion in the population corridors served by at least two of our Interstate highways. Some of these vessel needs are now immediate because of private sector decisions to postpone projects.