Petroleum Product Transportation News

Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation (TEN) ordered has one-option-one 174,000cbm LNG carrier from Hyundai Heavy Industries (HHI) in South Korea with expected delivery, the first, in the second half of 2021 and the second, in the first half of 2022.The provider of international seaborne crude oil and petroleum product transportation services said that with this order, if the option is exercised, its LNG proforma fleet increases to four vessels, two of which are currently employed on time-chartered contracts with major international natural gas production and trading entities.TEN continues its stated policy of maintaining a diversified energy fleet with a focus on LNG as an area of growth.

Diamond S Shipping Inc, the owner and operator of crude oil and product tankers, has sold two 2008-built MR vessels, the Atlantic Aquarius and Atlantic Leo, generating approximately $11.3 million of liquidity before settlement of working capital.A non-cash write-off of $18.3 million was recognized in connection with the vessel sales, it said.Diamond S Shipping owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers.The company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the Crude Fleet) and a 50-vessel refined petroleum product transportation fleet (the Product Fleet).The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel.

Greek shipping company Tsakos Energy Navigation (TEN) announced new charters for two LNG carriers, the Neo Energy and the Maria Energy to significant international energy concerns for an aggregate period of 36 months. The total gross revenues from these two fixtures, over the duration of the respective contacts, is expected at about $60 million, said the provider of seaborne crude oil and petroleum product transportation services worldwide.“LNG is on top of the agenda for TEN’s diversified energy fleet. With two vessels fixed on accretive medium-term charters, the Company is examining further expansion in the sector,” George Saroglou, COO of TEN commented.“TEN’s model provides its clients with a broad range of vessel types, ranging from crude and product tankers to gas carriers.

Greek shipping company Tsakos Energy Navigation (TEN) announced 36-month long charters with min/max provisions for two product tankers to a major oil concern.At a minimum, these two fixtures combined are expected to generate $33.0 million of gross revenues, the provider of seaborne crude oil and petroleum product transportation services worldwide said.“With 2018 finishing on an upbeat note for all tanker segments, these two fixtures further signify a strong market for this year which the Company’s employment strategy is designed to take advantage of,” George Saroglou, COO of TEN said.“We expect the market in 2019 to maintain the strong momentum as a result of the current supply and demand equilibrium as well as the anticipated disruptions due to the upcoming IMO 2020 emission regulations.

The provider of seaborne crude oil and petroleum product transportation services Tsakos Energy Navigation Limited (TEN) said that though the tanker market showed upward trajectory, management will keep a close eye on developments and refine its employment approach.The Greece-based tanker company said in a stock exchange annoucement that "As we approach the end of 2018, the signs that the worst is behind are becoming increasingly evident. Global oil demand is continuing its upward trajectory."US crude exports are soaring and finding new destinations in China and India and the global tanker fleet where most of that oil will be shipped is tightening…

South Korean shipyard Sungdong Shipbuilding & Marine Engineering Co. (Sungdong) has won an order from Greece’s Tsakos Energy Navigation (TEN) for two 74,000 deadweight tonnage (DWT) crude-oil carriers with an option for two more. TEN has already ordered three tankers from Sungdong. The total value of the contract for the four LR1 tankers could reach up to USD 170 million. Delivery of the firm ship is due in the first half of 2018. Tsakos’s commitment is a massive boost for Sungdong after a tough period of instability and restructuring where the yard skirted with closure. Tsakos Energy Navigation Limited is a provider of international seaborne crude oil and petroleum product transportation services.

Tsakos Energy Navigation (TEN) announced charter extensions with a state oil company with profit sharing provisions for four panamax tankers, with an average duration of 22 months per vessel and minimum gross revenues of $65 million. These fixtures are expected to commence between April and November of 2016 upon expiration of their existing employments and contribute, on an annualized basis, an extra $20m to the Company's bottom line. "The extension of these contracts follow our policy to increase TEN's long-term employment profile as time charter rates have finally started to reflect the strength of the spot market," Mr. Nikolas Tsakos, President and CEO of TEN commented.

L-3 Westwood has contracted AETI to develop custom-built, commercially oriented marine switchgear for the two separate projects totaling slightly more than $5 million. The end customers are VT Halter Marine, a domestic ship engineering and construction company in the , and affiliates of AHL Shipping Company, a petroleum product transportation company that provides double hull tankers to the domestic petroleum industry. L-3 will provide twin shaft line electric propulsion systems to affiliates of AHL Shipping Company for the building of three, shallow-draft, 49,000 deadweight ton Jones Act and OPA90-compliant chemical product tankers in connection with a charter agreement with Shell Trading (U.S.) Company (Shell Trading). The vessels will have a cargo capacity of 330,000 barrels.

Teekay Shipping Corporation announced that its board of directors has voted to declare a cash dividend on its common stock of $0.215 per share, payable on Jan. 31, 2002, to all shareholders of record as at Jan. 17, 2002. Teekay is a leading provider of international crude oil and petroleum product transportation services through the world's largest fleet of medium sized oil tankers. The Company's modern fleet has earned a reputation for safety and excellence in providing global transportation services to major oil companies, major oil traders and government agencies worldwide. The Company's common stock is listed on the New York Stock Exchange and trades under the symbol "TK".