Oil Shipping Company News

U.S. shipping company Overseas Shipholding Group, Inc. (OSG) on Thursday announced it has reached an agreement with BP Oil Shipping Company to purchase the Jones Act compliant crude oil tanker Alaskan Frontier.Built by General Dynamics NASSCO in 2004, the 1.3-million-barrel capacity tanker is a sister to three other Alaskan Class vessels operated by OSG’s wholly owned subsidiary, Alaskan Tanker Company. It was part of Alaska Tanker Company's active fleet  until 2019 when the vessel was placed in cold lay-up in Labuan, Malaysia.OSG said it expects the transaction will be completed in early November. Afterward, the company intends to reactivate the tanker…

Overseas Shipholding Group, the tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets, has entered into agreements with BP Oil Shipping Company USA and BP AMI Leasing to purchase the crude oil carrier vessels operated by Alaska Tanker Company (ATC).OSG currently owns a 37.5% interest in ATC. As part of the above transaction, OSG will acquire the remaining 62.5% interest of ATC that it does not own.According to the publicly traded tanker company, the agreements provide for deposits equal to 20% of the purchase price to be paid upon their execution, with the balance of the consideration to be paid at closing.Closing of the purchases is subject to various conditions…

The National Iranian Tanker Company (NITC) has signed over 200 leasing contracts for its vessels since the lifting of the Western-imposed economic sanctions two years ago, Financial Tribune reported on Thursday. The report quoted Iran Tanker Company's Chief Executive Officer Sirous Kianersi saying that from the easing of the sanctions (in January 2016) until the end of last month, foreign companies signed 215 time-charter and single-voyage deals for NITC tankers. NITC signed agreements with France's Total, Royal Dutch Shell, Spain's Cepsa, Vitol, Hanwha Total of South Korea, India's Essar, Turkish refiner Tupras, China's CNPC, among others.

National Steel and Shipbuilding Company (NASSCO) recently floated out Hull 484, the first of four Alaska Class, double-hull oil tankers being built for BP Oil Shipping Company, USA. The ship will be finished dockside in preparation for delivery in June 2004. The company also held a keel-laying ceremony for Hull 485, the second double-hull oil tanker being constructed for BP. BP's Site Team Member Steve Huddart welded his initials into the keel to signify the start of construction. The second ship is scheduled to be delivered in November 2004, with subsequent ships to be delivered in 2005 and 2006. The four ships are being constructed sequentially in NASSCO's 1,000-foot graving dock.

Teekay Shipping Corporation has entered into a definitive agreement to acquire Naviera F. Tapias S.A. Teekay has also entered into an agreement with the shareholders of Tapias to establish a 50/50 joint venture that will pursue new business in the oil and gas shipping sectors, focusing specifically on the Spanish market. The Tapias acquisition will establish Teekay's presence in LNG shipping, one of the fastest growing sectors of sea-borne energy transportation. It will position the Company as a key supplier of LNG shipping to Spain, the world's third largest importer of LNG, and provide a strategic growth platform for Teekay. As a major provider of crude oil transportation to Spain, the acquisition of Tapias will also extend Teekay's leading position in the crude oil tanker sector.

Preparing to name the Alaskan Frontier are Richard Vortmann, President of NASSCO, ship's Sponsor Pamela Olver, spouse of Richard Olver, Deputy Group Chief Executive of BP, Richard Olver, Diane Malone, Matron of Honor, spouse of Bob Malone chief executive of BP Shipping, Ltd., and Bob Malone. National Steel and Shipbuilding Company (NASSCO joined BP p.l.c. in naming the Alaskan Frontier, the first of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company.

construction on the vessel. National Steel and Shipbuilding Company (NASSCO) held a keel-laying ceremony for Hull 486, the third of four Alaska Class, double-hull oil tankers being constructed for BP Oil Shipping Company, USA. BP's Site Team Member Stan Taylor welded his initials into the keel to signify the start of construction. The first ship, the Alaskan Frontier, is being prepared for sea trials and will be delivered later this year. The second ship is undergoing construction and is scheduled to be delivered in 2005, with the third and fourth ships to be delivered in 2005 and 2006.

Frontline Shipiping reportedly bought additional shares in Swedish oil shipping company ICB Shipping AB in a battle for control.

National Steel and Shipbuilding Company (NASSCO) delivered the Alaskan Frontier, the first of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company, USA. Touted as state-of-the-art ships and environmentally friendly — backed by an innovative diesel-electric propulsion system, with redundant engines, shafts and screws, significantly increases reliability and reduces air emissions and maintenance downtime — the ship has been designed for a life of 35 years with a deck structure designed for a life of 50 years. The ship uses seawater instead of oil to cool and lubricate their propeller shafts, thus eliminating the possibility of accidental oil leaks. Their cargo piping, normally installed on the deck, is inside the cargo tanks, to reduce the risk of small spills.

National Steel and Shipbuilding Company (NASSCO) recently held a start-of-construction ceremony for NASSCO Hull 487, the fourth of four Alaska Class, double-hull oil tankers being constructed for BP Oil Shipping Company, USA. BP's Site Team Member Richard Blaine activated a robotic welding machine and cut the first piece of steel for the new ship. "These double-hull tankers are among the most environmentally friendly ships ever built, incorporating the latest in tanker design and construction," said Richard Vortmann, president of NASSCO.

National Steel and Shipbuilding Company (NASSCO) recently held a start-of-construction ceremony for NASSCO Hull 487, the fourth of four Alaska Class, double-hull oil tankers being constructed for BP Oil Shipping Company, USA. BP's Site Team Member Richard Blaine activated a robotic welding machine and cut the first piece of steel for the new ship. "These double-hull tankers are among the most environmentally friendly ships ever built, incorporating the latest in tanker design and construction," said Richard Vortmann, president of NASSCO. "They will provide BP with the best available technology to protect US waters." Vortmann said the design of the four 1.3-million-barrel-capacity tankers in the Alaska Class will allow maximum flexibility for oil deliveries to West Coast ports…

National Steel and Shipbuilding Company (NASSCO, www.nassco.com), a wholly owned subsidiary of General Dynamics, has joined BP p.l.c. in naming the Alaskan Explorer, the second of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company, USA. Maureen Hayward, spouse of Tony Hayward, Group Chief Executive of Exploration and Production for BP, was the ship's sponsor, officially naming the Alaskan Explorer and striking a ceremonial bottle of champagne across the ship's hull.

National Steel and Shipbuilding Company, a wholly owned subsidiary of General Dynamics, has delivered the Alaskan Explorer, the second of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company, USA, a subsidiary of BP p.l.c. "We had very successful sea trials with the Alaskan Explorer," said Richard Vortmann, NASSCO president. The Alaskan Explorer will join her sister ship, the Alaskan Frontier, which was delivered in August 2004 and is delivering oil from Alaska to West Coast ports, including BP refineries in Los Angeles, Calif., and Cherry Point, Wash. The third ship will be delivered in late 2005 and the fourth ship in 2006. These state-of-the-art ships are the most environmentally friendly oil tankers ever built.

National Steel and Shipbuilding Company (NASSCO) held a keel-laying ceremony for Hull 487, the fourth ship of the Alaska Class double-hull oil tankers being constructed for BP Oil Shipping Company, USA. BP’s Site Team Member John Penso welded his initials into the keel to signify the start of structural erection. "These double-hull tankers are providing BP with the best available propulsion, ship, and environmental control technologies to protect US waters," said Richard Vortmann, president of NASSCO. Vortmann added that the design of the 1.3-million-barrel-capacity tankers in the Alaska Class will allow maximum flexibility for oil deliveries to West Coast ports, including BP refineries in Los Angeles, CA, and Cherry Point, WA.

Iraq aims to rebuild its ageing fleet of tankers to carry its crude oil exports and is planning to form a joint venture shipping company with a South Korean firm, the oil ministry's spokesman said on Monday. Jihad said ownership of the fleet would be transferred to Iraq's oil ministry after a period that would be specified in the final agreement. Other foreign companies had approached the ministry with offers to help rebuild Iraq's tanker fleet, which was crippled by decades of war and sanctions, Jihad said. Iraq's Oil Shipping Company, which used to transport crude oil from the country's oil terminals in the Gulf city of Basra to refining facilities around the globe, has been out of operation since 1980. Tankers now loading at Basra's terminal are foreign-owned.

Greek oil shipping company Top Tankers Inc. said first-quarter earnings rose sharply as the company increased the size of its fleet under operation. Net income rose 59 percent to $30.4m, or $1.06 per share, from $19.1m, or 69 cents per share, in the year-ago period. The latest quarter included charges of $3.2m, or 12 cents per share related to stock options and financing. Revenue more than doubled to $101.7m from $47.3m last year. At the end of March, the company operated 27 vessels, or 2.6 million dry-weight tons, up sharply from 18 vessels, or 1.3 million dwt, a year ago. Top shares rose 61 cents, or 7.5 percent, to $8.62 in early trading on the Nasdaq. The stock has moved between $7.07 and $18.32 in the past year. (Source: Houston Chronicle)

National Steel and Shipbuilding Company delivered the Alaskan Navigator, the third of four Alaska-class double-hull crude oil tankers being built for BP Oil Shipping Company, USA, a subsidiary of BP p.l.c. (ADR: BP). “We are now focused on completion of the fourth ship in the class, which is progressing well in the shipyard as we have ramped up production on both the BP tankers and Navy new construction work,” said Richard Vortmann, NASSCO president. The Alaskan Navigator will join her sister ships, the Alaskan Frontier and the Alaskan Explorer, which were delivered in August 2004 and March 2005, delivering crude oil from Alaska to BP’s refineries in Los Angeles and Cherry Point, Wash. The fourth ship will be delivered in late 2006.

Caroline Shorten Conn, spouse of Iain Conn, BP Group Executive Officer, smashes ceremonial bottle of champagne on the hull of the Alaskan Navigator, the third Alaska-Class double-hull oil tanker being built for BP Oil Shipping Company, USA. On Saturday, November 12, National Steel and Shipbuilding Company (NASSCO. www.nassco.com), a wholly owned subsidiary of General Dynamics, joined BP p.l.c. in naming the Alaskan Navigator, the third of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company, USA. The ship is scheduled to be delivered to BP later this month for service delivering oil from Alaska to West Coast ports, including BP refineries in Los Angeles, Calif., and Cherry Point, Wash.

On Saturday, National Steel and Shipbuilding Company (NASSCO) a wholly owned subsidiary of General Dynamics, joined BP in naming the Alaskan Navigator, the third of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company. The ship is scheduled to be delivered to BP later this month for service delivering oil from Alaska to West Coast ports, including BP refineries in Los Angeles , Calif. , and Cherry Point , Wash. Caroline Shorten Conn , spouse of Iain Conn, BP Group Executive Officer, is the ship’s sponsor. Mrs. Conn officially named the Alaskan Navigator and broke a ceremonial bottle of champagne across the ship’s hull. Diane Malone, spouse of Bob Malone, Chief Executive of BP Shipping, Ltd., was the sponsor’s Matron of Honor for the ceremony.

General Maritime Corp., a crude oil shipping company, raised $144 million by selling 8 million shares in an initial public offering, the latest in a spate of energy companies to go public. New York-based General Maritime priced shares on Tuesday at $18 each, the middle of its expected range of $17 to $19 a share. Shares are expected to begin trading on Tuesday on the New York Stock Exchange under the trading symbol GMR. The company, which operates a fleet of oil tankers in the Atlantic basin, intends to use the proceeds to reduce debt and fund operations. he IPO, which was underwritten by joint bookrunners Lehman Brothers and ABN Amro Rotschild, was co-managed by Jefferies & Co.