Suezmax Tankers News

Frontline announced it has reached a deal to sell its five oldest very large cruse carriers (VLCC) to an undisclosed buyer for an aggregate net sale price of $290 million.The vessels, built in 2009 and 2010, are expected to be delivered to the new owner during the first quarter of 2024.After repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $207 million, and the Company expects to record a gain in the first quarter of 2024 in the range of approximately $68 million to $76 million…

Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed.The attacks have driven up shipping costs sharply along with insurance premiums, but have had less impact than feared on oil flows, with shippers continuing to use the key East-West passage. The Houthis, who have said they are targeting Israel-bound vessels, have largely…

Marlink will install the Starlink LEO service for Athens-based ship manager Polembros Shipping, aimed at helping Polembros to extend its digital toolset to include the new LEO service to support crew welfare and remote technology.Polembros is already a user of Marlink’s hybrid network, including VSAT services across its fleet. The deployment of the SeaLink NextGen service is designed to provide faster throughput and lower latency to the company’s business and crew communications.Sealink NextGen combines GEO VSAT and MSS back-up with customers’ required mix of LEO or MEO connectivity…

SFL Corporation Ltd. has agreed to acquire a Pure Car Truck Carrier (“PCTC”) in combination with a long term time charter to a leading car carrier operator until 2028.The company expects to take delivery of the vessel during the fourth quarter. The fixed rate charter backlog will increase by approximately $65 million, with the possibility of additional upside from profit share related to fuel savings from the vessel’s scrubber. In addition to the PCTC transaction, SFL said it had recently taken delivery of four modern Suezmax tankers and one newbuild eco-design feeder container vessel…

Oil tanker firm Euronav has ordered two Suezmax tankers from South Korea's Daehan Shipbuilding for an undisclosed fee.The vessels will be sister ships to Cedar (2022 -157,310 dwt) and Cypress (2022 – 157,310 dwt), built at the same yard. Both vessels are scheduled for delivery in the third quarter of 2024. "The vessels are the latest generation of eco-Suezmax tankers and are fitted with both Exhaust Gas Scrubber technology and Ballast Water Treatment systems. The vessels have the structural notation to be LNG Ready…

Nordic American Tankers said it has added two suezmax tankers to its fleet. The newbuilds, NAT's first delivered since 2018, both have long term contracts.The 157,094 dwt Nordic Harrier was delivered on May 13 from Samsung shipyard in South Korea. The second vessel, to be named Nordic Hunter, is 156,800 dwt and will be delivered from Samsung within the next few days, NAT said. The ships were ordered in 2020.Both tankers have six-year contracts with Oman's ASYAD Shipping Company. The time charters will generate an aggregate revenue of more than $100 million, New York-listed NAT said when it announced the deals in February.The newbuilds are fully financed via Ocean Yield, a company controlled by Kohlberg Kravis Roberts (KKR), which is headquartered in the U.S.

Oslo-listed tanker firm Okeanis Eco Tankers has taken delivery of the VLCC Nissos Nikouria. South Korean shipbuilder Hyundai Heavy Industries delivered the tanker and this is the second, Gas Ready (MEc), ECO-design, open-loop scrubber-fitted 300,000 DWT VLCC crude tanker delivered to Okeanis Eco Tankers following the purchase deal announced in mid-2021.The first was Nissos Kea, delivered in March 2022.According to the information on the company's website, its sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

Shipowner SFL Corporation on Tuesday announced it has sold seven handysize dry bulk vessels to an Asian-based buyer for an aggregate price of approximately $100 million.The 32,000-34,000 dwt capacity ships, built between 2011 and 2013, have been employed in the spot market the last five years after redelivery from their initial charters. "With limited long term chartering opportunities for small dry bulk vessels, the intention has been to trade the vessels in the spot market until the markets improved," New York-listed SFL said.Ole B. Hjertaker, CEO of SFL Management AS, said, "Our primary business strategy is to own and charter out vessels long term to strong counterparties, and we have added more than $850 million to our charter backlog in 2021.

Shipowner SFL Corporation has agreed to buy three Suezmax tankers in combination with long-term time charters with what SFL said was "a world-leading commodity trading and logistics company." "The vessels are built in 2019 and have the latest eco-design features, including exhaust gas cleaning systems. The company expects to take delivery of the vessels in the fourth quarter," SFL, formerly known as Ship Finance International, said. It did not say how much it would pay for the…

The Suez Canal stepped up efforts on Friday to free a giant container ship blocking the vital trade waterway that has sent shipping rates for oil product tankers soaring and disrupted the global supply chains for everything from grains to baby clothes.Shipping rates for oil product tankers have nearly doubled after the 400 meter long Ever Given, almost as long as the Empire State Building is high, ran aground in the canal on Tuesday.Efforts to free the vessel may take weeks and be complicated by unstable weather conditions…

WinGD  updated its X72DF dual-fuel engine platform with four new versions, new versions aimed to provide ship design flexibility while helping to reduce installed power and emissions.Popular on LNG carriers, the X72DF is also applicable on Suezmax tankers, Panamax and sub-Panamax containerships and Capesize bulk carriers, too.“Our most successful engine model is now available in four configurations,” said WinGD Global Sales Director Volkmar Galke. “These options reflect the varied demands on shipowners to design vessels more efficiently, reduce installed power and cut emissions dramatically.

Belgian tanker operator Euronav said it has reached a deal to acquire two Suezmax tankers currently under construction at the Daehan Shipyard in South Korea for a total purchase price of $113 million. Both vessels are due for delivery in January 2022.The vessels are the latest generation of Suezmax Eco-type tankers, fitted with exhaust gas scrubbers and ballast water treatment systems. The vessels have LNG-ready notation, and Euronav said it is working with the shipyard to obtain ammonia-ready notation…

Leading tanker operator Euronav posted record high first-quarter results on Thursday and expects strong demand for oil storage at sea to continue in 2020, driving its shares up 8.5%.The world is still struggling with an oil glut due to a drop in demand caused by the coronavirus even after top oil producing countries have cut output. The glut has prompted a scramble to find storage options on land and sea.Hugo De Stoop, chief executive of Belgian group Euronav, said floating storage…

After a frantic week that sent crude oil freight rates to record highs amid a bookings bonanza to ship Saudi oil to the world, rates are now easing as charterers balk at the nosebleed charges and await Saudi volume plans for April, shipping sources said."Sentiment remained softer today," said one ship broker while pointing to another day of limited chartering activity.At least nine very large crude oil carrier (VLCC) provisional charters failed this week along with another five for Suezmax tankers…

The  Greek shipping company Tsakos Energy Navigation (TEN) said that it has sold five tankers to raise $104m in total that it will use to cut debt.According to the transporter of energy, the vessels include three suezmax tankers and two product tankers.These sales, in aggregate, will add $47 million of free cash and will reduce associated debt by $58 million, it said.“Regardless of the short-term challenges the market is facing due to the coronavirus, longer-term market prospects remain positive. The above transactions enable the Company to proceed with its policy of maintaining a modern fleet through strategic sales of first-generation vessels…

Watson Farley & Williams, international law firm based in London, advised Ridgebury Tankers and Tufton Oceanic on the acquisition of two Suezmax tankers in a 50%-50% joint venture with Euronav NV who also provided secured debt to the joint venture companies for the purposes of the acquisitions.Last month, Belgium's tanker shipping company Euronav has acquired two Suezmax tankers through a joint venture formed with affiliates of Ridgebury Tankers and clients of Tufton Oceanic.The  two Suezmax tankers fetch a combined consideration of US$40.6m. Both vessels have been delivered into the joint ventures.Ridgebury is a US-based shipping company with a fleet of high-quality crude and refined product tankers.

Bermuda-based international tanker company Nordic American Tanker (NAT) said that it has  the strongest tanker market that it has seen in decades.In NAT fleet of 23 suezmaxes, 21 are in the short term market, providing immediate benefit for nat. The fourth quarter is building a strong momentum for 2020."We expect this to continue. Political frictions often lead to a stronger tanker market," said the company.About 70% of the spot trading days of our fleet for 4Q19 have been booked at an average TCE of $34,000/day. Spot rates are continuing its upward momentum.The Time Charter equivalent (TCE) for our ships for the third quarter came in at $15…

Belgium's tanker shipping company Euronav  has acquired two tankers through joint ventures with affiliates of Ridgebury Tankers and clients of Tufton Oceanic.Each 50%- 50% joint venture company has acquired one Suezmax vessel. Euronav will also provide financing for the joint ventures on commercially attractive terms.The joint ventures have acquired the two Suezmax tankers for a total consideration of 40.6 million USD with the vessels being delivered for the winter spot market 2019/2020 (one vessel delivered with immediate effect and one vessel expected to be delivered before the end of the month). Both vessels will be commercially managed…

Greece-based shipping company Okeanis Eco Tankers (OET) said it  has secured funding to finance the pre-delivery of two new ECO scrubber-fitted Suezmax tankers.The Greek tanker owner and operator said that it has secured commitment to a USD 45.9 million secured loan facility from Alpha Bank A.E. to finance 88.95% of the total pre-delivery yard installments for the vessel pair.The two ECO design, scrubber-fitted 158,000 DWT Suezmax tankers are under construction at Hyundai Samho Heavy Industries and set for delivery in August 2020.The loan facility is available immediately, and the Company expects to draw on it shortly to finance 100% of the installment due in November 2019.

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.In connection with the completion of the transaction, the DryShips’ common stock will cease to trade on the Nasdaq Capital Market and will be delisted.Evercore acted as financial advisor and Fried…

Greek shipping company Okeanis Eco Tankers (OET) intends to exercise an option to acquire two ECO scrubber-fitted Suezmax tankers under construction at South Korean Hyundai Samho Heavy Industries.Okeanis will spend almost $130m to buy the two 158,000 dwt scrubber-fitted vessels from its chief executive Ioannis Alafouzos' private company.As Suezmax values have risen and newbuilding delivery timelines extended into 2021 in the period since its granting, the option is presently well in-the-money and accretive to NAV.In addition, with the recent dramatic firming of the tanker spot and time charter markets and the availability of low cost…

Bermuda-headquartered Nordic American Tankers (NAT) said that its tanker segment is on upswing mode following he strong market improvement for its Suezmax tankers."However, seeing is believing and if anyone had doubts, last week, the international shipbroking firm of Clarkson Platou Research reported the largest week-on-week increase in the history of their freight index,"pointed out the company.From Thursday to Friday last week, reported Suezmax rates jumped 60% on the day and 400% on the month, it said.NAT’s uniform fleet of 23 Suezmax tankers have 21 units trading in the open spot market, ready to benefit from strengthening freights.Presently the Suezmax spot market is reported to about $68,000/day, and rising.

The world's largest oil tanker shipping company Frontline Ltd has declined options to buy four more tankers from Trafigura Marine Logistics (TML) and said that it will keep to buying only 10 tankers.Last month, the Bermuda based company announced an agreement with TML  to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers.The options were part of a deal reached between the two companies last month to acquire ten Suezmax tankers built in 2019 through the acquisition of a TML special purpose vehicle which holds the vessels.Frontline has elected not to exercise the first option to acquire two additional Suezmax tankers.