Oil Shipper News

Belgian crude oil shipper Euronav NV said on Thursday it saw the return of a strong freight rate market during the fourth quarter, signalling a strong start to 2019.The company's core earnings (EBITDA) rose by 16.5 percent to $102.3 million in the last quarter of 2018."VLCC (very large crude carriers) freight rates trading at rates not seen in the last two years demonstrate an already tight balance between tanker demand and supply," Chief Executive Paddy Rodgers said in a statement.Though…

Bermuda-based tanker ship operator now finishes the year with another sale of ships netting USD 20 million. The company has been on a selling spree in this summar."We would like to inform you that we have sold our two 1999 built tankers, the Nordic Aurora and the Nordic Sprite. Both ships have their so called special surveys in January next year, normally costing $1 mill or more for each ship. The ships have been sold at a price of about $10 mill per unit net to us," the oil shipper said in a press release.The ships are scheduled to be delivered to the new owners in December 2018. The contracts contain provisions related to the Hong Kong Convention (2009) for ships.After having sold eight ships this summer, built in 1997/1998, the NAT fleet now consists of ships built in 2000 and onwards.

Saudi Arabia's Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday.Bahri is the world's largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public Investment Fund (PIF) owns 22 percent of the company and Aramco has a 20 percent stake."We are looking at multiple acquisitions in the Middle East and Asia worth tens of millions of dollars…

Belgian crude oil shipper Euronav's freight rates in the fourth quarter hit their lowest level since 2012, hurt by excess available tonnage, the company said on Thursday. However, rates were still higher than many analysts had expected, pushing Euronav's shares up 1.4 percent by 0847 GMT. The world tanker fleet expanded by 4.8 percent in 2017 as a large wave of new deliveries offset scrapping, while an agreement in November between OPEC and non-OPEC oil producers to extend output cuts until the end of 2018 has added to pressures on tanker companies. "The typical seasonal rate pattern for the fourth quarter was not observed," Euronav Chief Executive Paddy Rodgers said in a statement. The fourth quarter is typically the strongest for tanker companies because of seasonal oil demand.

National Shipping Company of Saudi Arabia (Bahri),  the exclusive oil shipper for Saudi Aramco, made a net profit of 327.8 million riyals ($87.4 million) for the three months to Dec. 31. That compares with 566.4 million riyals in the fourth quarter of 2015. For the year ending December 31, 2016, Bahri has reported a net profit of SR1.76 billion ($469.3 million). The company registered net revenue of SR6.78 billion ($1.8 billion), and earnings per share (EPS) of SR4.48 for the year, it said in a statement. -Lower spot market rates in general and specifically in Oil transportation. - Increase in bunker costs as a result of higher oil and bunker prices during the current quarter compared to the corresponding quarter of 2015.

Bahri, the exclusive oil shipper for Saudi Aramco made a net profit of 327.8 million riyals ($87.4 million) for the three months to Dec. 31, it said on Monday.   That compares with 566.4 million riyals in the fourth quarter of 2015.   Alistithmar Capital and Albilad Capital had forecast the company would make a quarterly net profit of 454.60 million riyals and 431.00 million riyals respectively.   Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later.   The board of Bahri has proposed an annual cash dividend for 2016 of 2.5 riyals per share, the company said last month.   Reporting by Hadeel Al Sayegh

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered, which also contributed to the deal along with Arab National Bank and National Bank of Abu Dhabi, it said. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. The tankers were previously ordered from South Korea's Hyundai Samho Heavy Industries Co. (Reporting by Reem Shamseddine; Writing by Tom Arnold)

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday. The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510.3 million riyals in the same period a year earlier, it said in a bourse statement. Alistithmar Capital and Albilad Capital forecast the company would make a quarterly net profit of 391.6 million riyals and 525 million riyals respectively. Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, attributed the profit decrease to a year-on-year decline in spot market shipping rates and lower profits from its Petredec affiliate. It did not elaborate.

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday. The company's net profit for the three months to June 30 was 504.18 million riyals ($134.44 million), up from 342.48 million riyals in the same period a year earlier, it said in a bourse statement. Alistithmar Capital forecast Bahri would make a net profit of 308.4 million riyals during the quarter. Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, attributed the profit increase to a rise in operating revenues as a result of its enlarged very large crude carrier (VLCC) fleet, higher shipping rates in the spot market, and stronger performance in its general cargo division.

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 53.6 percent jump in first-quarter net profit on Monday. The company's net profit for the three months to Mar. 31 was 611.99 million riyals ($163.3 million), up from 398.41 million riyals in the same period a year earlier, it said in a bourse statement. Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, said its year-on-year performance was boosted by factors including an increase in operating revenues due to buying and receiving several very large crude carriers (VLCCs), as well as higher average charter prices. Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later.

National Shipping Company of Saudi Arabia said on Sunday it had signed a murabaha facility with Riyad Bank valued at 1.425 billion riyals ($380 million) to finance the construction cost of five very large crude carriers. The facility lasts for a period of 10 years and six months, and includes a maximum two-year grace period, the firm known as Bahri said in the bourse statement. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. The exclusive oil-shipper for Saudi Aramco last year signed a deal to buy five very large crude tankers from ship builders Hyundai Heavy Industries. ($1 = 3.7500 riyals) (Reporting by Tom Arnold; Editing by David French)

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 501 percent increase in third-quarter net profit on Tuesday. The company made a net profit of 510.3 million riyals ($136.10 million) in the three months to Sept. 30, up from 84.85 million riyals in the same period a year earlier, it said in a bourse statement. Bahri attributed its profit increase to higher revenues following its merger with Vela Marine International, higher profits at affiliate Petredec Ltd and lower bunker costs. Bahri did not state its quarterly revenue. Albilad Capital forecast Bahri would make a third-quarter profit of 300 million riyals.

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a significant hike in third-quarter net profit on Thursday. The company's net profit for the three months to Sept. 30 was 510.3 million riyals ($136.1 million), up from 84.85 million riyals in the same period a year earlier, it said in a bourse statement. Albilad Capital forecast the firm would make a quarterly profit of 300 million riyals. It attributed the profit rise to an increase in the company's very large crude carriers (VLCC) fleet after a merger with Vela Marine International Ltd. Among other reasons, it also cited a decrease in average bunkering fuel cost.

Crude oil shipper DHT Holdings, Inc. announced today that it has appointed Joseph H. Pyne to its board of directors, expanding the board from three to four independent directors. Erik Lind, Chairman of DHT said, “We are very pleased to have Joe join the DHT board of directors. His commercial and operational experience and longstanding insight into the U.S. Pyne is the Executive Chairman of Kirby Corporation, a U.S. tank barge operator, and served as the Chief Executive Officer of the company from 1995 to April 29, 2014.

Crude oil shipper DHT Holdings, Inc. announced it has changed its policy regarding dividend and capital allocation. As a result of the current tanker market, DHT’s new plan will see the company return at least 60 percent of its ordinary net income (adjusted for extraordinary items) to shareholders. Further, DHT intends to use a significant amount of surplus cash flow after returning such capital to shareholders to deliver its balance sheet. The company said it will commence its new capital allocation policy starting with the second quarter of 2015.

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Monday its second-quarter net profit more than doubled due to increased fleet size and rates for transporting spot crude. The company's net profit for the three months to June 30 was 342.5 million riyals ($91.3 million), compared to 130.4 million riyals in the same period a year earlier, it said in a bourse statement. Albilad Capital had forecast that Bahri would make a quarterly profit of 350 million riyals.

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the exclusive oil-shipper for Saudi Aramco said on Wednesday. Hyundai agreed a contract in May to build five tankers and deliver them to Bahri in 2017. The deal included an option to buy five more, which Bahri is now taking up according to the latest announcement. Bahri said the cost of buying the tankers would be announced at a later date, although each will have a capacity of 300,000 deadweight tonnage and would replace ships in its existing fleet. The latest five ships will be delivered during 2017 and 2018, the statement added.  (Reporting by Tom Arnold)

United Arab Emirates shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems. The company's capital has been reduced to 551 million dirhams from 1.66 billion dirhams, it said in a statement on the Dubai bourse, with the reverse stock split effectively creating one share for every three existing shares. The accounting technique allows the firm to use its own capital base to expunge its debts. Dubai's only listed crude oil shipper has been in talks with creditors for months after an ambitious expansion plan at the end of the last decade crippled the company…

Crude oil shipper TOP Tankers Inc. on Monday said it has sold for $550 million 13 vessels -- which will be immediately leased back under five- to seven-year contracts -- and declared a special $5 dividend. TOP shares surged on the news, gaining $3.08, or 22.3 percent, to $16.90 in premarket activity. The stock, which has traded in a 52-week spread of $11.80 to $19.79, closed at $13.82 Friday on the Nasdaq. Athens, Greece-based TOP said it expects cash proceeds of about $240 million from the deal. The company plans to use the proceeds to pay the dividend, to be distributed on March 27 to shareholders of record March 22. Another special dividend of $2.50 is expected near the end of the month, TOP said. TOP sold nine Suezmax carriers and four Handymax carriers.

Crude oil shipper TOP Tankers Inc. said it has sold 13 vessels for $550 million -- which will be immediately leased back under five- to seven-year contracts -- and declared a special $5 dividend. TOP shares surged on the news, gaining $3.08, or 22.3 percent, to $16.90 in premarket activity. The stock, which has traded in a 52-week spread of $11.80 to $19.79, closed at $13.82 March 10 on the Nasdaq. TOP said it expects cash proceeds of about $240 million from the deal. The company plans to use the proceeds to pay the dividend, to be distributed on March 27 to shareholders of record March 22. Another special dividend of $2.50 is expected near the end of the month, TOP said. TOP sold nine Suezmax carriers and four Handymax carriers.

UANI points out that GL’s Iran business violates EU sanctions banning both transactions with IRISL and the provision of ancillary services, including certification services that facilitate Iran's global oil trade. According to data gathered by UANI, GL currently provides certification to several IRISL vessels, as well as to at least eight vessels of the regime’s primary oil shipper, NITC. In a June 12 letter to GL Chairman of the Executive Board Erik van der Noordaa, UANI CEO, Ambassador Mark D. Wallace, explained how GL’s activities are in clear violation of EU sanctions imposed against IRISL and Iran's oil trade, and also could run afoul of U.S. law, given GL’s extensive contract work with the U.S.

Shares of Top Tankers (NASDAQ:TOPT) Inc. fell after the company said its third-quarter loss widened from the previous year. The Athens, Greece-based crude-oil shipper posted a net loss of $18.4m, or 50 cents a share. Voyage revenue fell to $51.2m. The company said revenue fell on weakness in its crude oil division. In the year-ago period, the company posted a net loss of $11.4m, or 35 cents a share, on voyage revenue of $70.6m. Shares of Top Tankers fell 7.7% to $4.65. [Source: Thomson Financial]