Product Oil Tanker News

FureBear, a joint venture between Swedish shipping company Furetank and Canadian shipping company Algoma, together with U.K.-based Larsson Shipping, has taken over the ownership of Algoma’s product tanker Algonorth.The 2008-built, 6,958 dwt double hull product oil tanker has arrived from Canada to trade in Northern Europe under the new name Fure Skagen.Owned by FureBear and Larsson Shipping and flying the Faroe Island flag, Fure Skagen will be commercially managed by Furetank Chartering in the Gothia Tanker Alliance.Furetank and Algoma formed the FureBear joint venture in 2022…

Singapore-listed Otto Marine has announced that its offshore shipyard has branched out to secure three new shipbuilding contracts worth $23m in total. New contracts came along with Group's efforts in diversifying and expanding product portfolio in a weak market. An Indonesian firm has ordered a 6,500 LTDW (Long Tons Deadweight) product oil tanker, with cargo oil tank capacity of 8,300 cubic meters. Another Indonesian state-owned enterprise has entered into a contract for two units of 1,200 GT (Gross Tonnage) ferry. Chief executive Michael See said the vessels are scheduled to be delivered in the fourth quarter of 2017, and expected to contribute positively to the group's financial performance for the financial years of 2016 and 2017.

While Cosco’s orderbook of US$8 billion seems hefty, the shipbuilding contracts are of low value, says a report in SBR. The orderbook may do the company more harm than good. As at 31 December 2015, Cosco’s order book stood at USD 8 billion with progressive deliveries up to early 2018. New orders received in 2015 include 7 container vessels, 2 cargo transfer vessels, 2 oil tankers, 1 shuttle tanker, 1 module carrier, 1 tanker assist/emergency response/rescue/field support vessel, 1 research vessel, 1 product oil tanker and 1 FPSO conversion. The shipbuilding contracts in Cosco’s orderbook are of low value, points out a research report from DBS.

Maritime Holdings Inc. (NYSE:NM) , a global, vertically integrated seaborne shipping and logistics company, reported financial results for the fourth quarter and year ended December 31, 2009. Angeliki Frangou, Chairman and CEO of Navios Holdings, said, "Our industry entered 2009 facing challenges virtually without precedent. The economic crisis required that Navios focus on its balance sheet, which we did by raising more than $1.3 billion in a mix of equity and long-term debt from the capital markets and commercial banks. Part of these proceeds were used to acquire seven capesize vessels, delivering in 2010, with secured cash flows for the next ten years. Shareholders protected from undue dilution - 14% dilution scheduled over a ten-year period.

Nepline is actively sourcing for suitable double-hulled tankers for acquisition in order to improve its revenue. The foreign subsidiary, Nepline (Singapore) Pte, has sealed a $12m shipbuilding contract for the construction of one (with an option to construct another one) 7,000 deadweight tonnes double-hulled product oil tanker from China. Source: Bernama

Sumatec Resources Bhd has ordered two units of 8,000 dwt double-hull product oil tanker from a Chinese shipyard for $11.6 million each. In a statement to Bursa Malaysia on May 22, Sumatec said it had entered into a letter of intent (LOI) with Yangzhou Kejin Shipyard Co Ltd and Jiangsu Guotai International Group Textile Imp & Exp Co Ltd for the purchase of the tankers to serve contracts from oil majors. The first tanker would be delivered by Dec 15, 2007 and the second would in March 2008. Funding for both vessels is from internal sources and bank borrowings. The company added that it had received a letter of intent from a Malaysian oil company to charter both vessels for up to 10 years. (Source: The Edge Daily)