Oil Tanker Owner News

Hydrogen is touted as an inevitable green fuel of the future. Tell that to the people who'll have to ship it across the globe at hyper-cold temperatures close to those in outer space.Yet that is exactly what designers are attempting to do.In the biggest technological challenge for merchant shipping in decades, companies are beginning to develop a new generation of vessels that can deliver hydrogen to heavy industry, betting plants worldwide will convert to the fuel and propel the transition to a lower-carbon economy.There are at least three projects developing pilot ships that will be ready to test transporting the fuel in Europe and Asia within the next three years…

Bermuda-based crude oil tanker company DHT Holdings plans to fit exhaust gas cleaning systems on two thirds of its very large crude carriers (VLCCs) to comply with the impending 2020 sulphur cap.The oil tanker owner-operator said that the retrofit program encompass 16 ships built between 2004 and 2012, representing the ships within our fleet that stands to gain the greatest economic benefits. Additionally, the two newbuildings delivered from Hyundai Heavy Industries this year had scrubbers installed, taking the total to 18 out of 27 ships with scrubbers."As we have stated, we are neither for nor against scrubbers, but deem it our responsibility to position DHT as best as we can ahead of the implementation of the new regulations.

Crude oil tanker owner and operator DHT Holdings, Inc. said it has entered into agreement to sell the 1999-built very large crude carrier (VLCC) DHT Phoenix for $19.1 million.   The 18-year-old tanker has just completed a “highly profitable” one year time charter at $45,000 per day to an Asian refining company, DHT said.   DHT did not identify the new owner in its press release announcing the sale, but said the tanker will be delivered during the second quarter and is expected to retire from the trading fleet.   The DHT Phoenix is debt free, and the entire net proceeds will be added to the company's cash balance. The company said it will record a book loss of about $3.5 million in the first quarter 2017 in connection with the sale.

According to an August 29 report from Bloomberg, Gulf Navigation Holding PJSC, Dubai’s only publicly traded oil-tanker owner, is seeking to buy new crude carriers as an improving global economy boosts shipping volumes. The company is on target to ship 6 million tons of goods this year, compared with 4.5 million tons in 2009, a company representative said. (Source: Bloomberg)

The St. Helier, Channel Islands-based oil tanker owner and operator DHT Maritime said  its second-quarter profit jumped 39 percent as the demand for oil imports to and industrialization of emerging economies in the drive tanker demand. DHT Maritime shares shot up 1.9 percent, or 17 cents, to $9.08 at the close on Tuesday. DHT Maritime said the tanker market has been positively impacted by a slowdown in speed and port delays, which increases the length of voyages and ton/mile demand. The company has also benefited from the scrapping and banning of single hull tankers ahead of the mandatory phase out beginning in 2010. Less ships on the water means less supply, which is beneficial as demand continues to be strong.

Frontline Ltd., the oil-tanker owner, advanced the most in 22 months in trading after buying a stake in a rival shipping company. Frontline acquired 5.2 percent of New York-based Overseas Shipholding Group Inc., known as OSG, on March 20. , Bermuda-based Frontline agreed to purchase an additional 1.37 million shares, or 4.4 percent, on May 29. Frontline climbed 8.1 percent, the most since May 23, 2006, to close at 234.5 kroner, narrowing its year-to-date decline to 9.3 percent. Today was the first day of trading since March 19. Fredriksen is holding talks with OSG's biggest shareholders about a cash offer for the company's tankers, financed by a share sale, the financial daily Dagens Naeringsliv reported, citing unidentified people. Source:  Bloomberg

Tsakos Energy Navigation, the Greek oil tanker owner, recently reported better-than-expected third quarter earnings on an expanded fleet and a large capital gain. Net income for the third quarter ending Sept. 30 soared to $50m, or $2.61 per share, up from $44.5m, or $2.33 per share, in the previous year. The third quarter included capital gains of $31.8m compared to capital gains of $13.3m in the previous year. Sales rose to $122.5m up from $115.2m a year ago. Analysts polled by Thomson Financial forecast earnings excluding items of $1.12 per share on sales of $106m. Although it was a seasonably weak third quarter due to refiners scaling back crude oil demand ahead of the switch to heating oil, Tsakos was able to realize $96m in capital gains because of the sale of three tankers.

Bloomberg has reported that shares of General Maritime Corp., the second-largest US oil-tanker owner, may not rise much further after Bermuda-based Frontline Ltd. raised its stake in the company and said it would seek talks to combine the businesses, JPMorgan Chase & Co. said.General Maritime’s shares are trading at 12 percent more than $36.70, which is JPMorgan’s estimated net asset value for the company at the end of 2006, analysts Jonathan Chappell and Glen Muller said in a report last week. Net asset value is the market value of the company’s vessels less debt. A takeover of General Maritime would be the biggest ever in the oil-tanker industry, based on today’s valuations.

Shipping Co. Built by Daewoo Shipbuilding & Heavy Machinery for Niarchos Ltd./Anole Shipping Co., World Crest is a 306,000-dwt double hull crude oil tanker under Greece flag, which was delivered in December 2002. Designed and built to meet the standard of ABS rule and classed +A1(E), "Oil Carrier, ESP", SH, +ACCU, +AMS, RES, SHCM, NIBS, with the descriptive notes of VEC, SPM and UWILD. To enhance environmental protection up-to-date International Rule & Reg. including MARPOL Annex IV and VI have been applied and H.F.O tanks arranged as double hull. Other requirements and Industrial standards also have been considered such as OCIMF recommendations and USCG Requirement, etc.

Builder NKK Corp. NKK Corp. delivered a 300,000-dwt., Panamanian-flagged, Malacca-max oil tanker to Aquamarine Ship-holding Maritime S.A., a Panamanian subsidiary of NYK Line in September 2002. Built at NKK's Tsu Works, the tanker, which is now in regular service for Nippon Oil Corp., is the first in the Malacca-max VLCC (very large crude carrier) class that NKK has developed in response to owners' requirements for maximum operational efficiency. Measuring 1,092 x 197 x 97 ft. (333 x 60 x 29.6 m) with a 68 ft. (20.8-m) draft, realizing the maximum permissible dimension to sail through the Strait of Malacca. The ship incorporates the latest energy-saving technologies and designs, including a sharp-edged Ax-Bow that greatly reduces wave resistance under rough sea conditions.

The vessel Tarantella features a variety of outstanding and unique characteristics representing an advanced concept of chemical tanker. Compared to earlier Trogir built tankers (Trogir and Azov Sea), the hull of Tarantella embodies a number of upgrading features such as: Execution of bulkheads, bottom and lower stools to facilitate drainage of the cargo /washing water to the practical minimum as described with "str 0.05" class notation; Introduction of trapezoidal corrugation (instead of rectangular) to enable 96 percent of tank surfaces to be exposed to direct jet from washing machines and therefore qualify for ETC notation; Strengthening of structure to suit for wider range of IMO 2 chemicals…

Crude oil tanker owner and operator American Eagle Tankers Inc. Ltd. has filed for an initial public offering that could raise up to $132 million for the unit of Singapore's Neptune Orient Lines Ltd. American Eagle, which is based in Jersey City, N.J., plans to use the net proceeds from the IPO to expand its fleet of tankers, which currently numbers 24, it said on Tuesday in a filing with the U.S. Securities and Exchange Commission. The company is selling 6.75 million common shares for between $17.60 and $19.50 apiece, which would give it a potential market value of $495 million based on the high end of the price range and about 25 million shares outstanding.