Philly Shipyard Delivers APT Tanker
Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Endurance, the first of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc. This delivery is the 25th vessel built by PSI (formerly known as Aker Philadelphia Shipyard, Inc.). The next generation 50,000 dwt product tanker is based on a proven Hyundai Mipo Dockyards (HMD) design that also incorporates numerous fuel efficiency features…
Frontline Sees Limited Effect on Demand From 'Balanced' OPEC Cut
Stolt-Nielsen Acquires Jo Tankers
Stolt-Nielsen Limited announced today that it has completed its previously announced acquisition of the chemical tanker operations of Jo Tankers, consisting of 13 chemical tankers and a 50% share in a joint venture with eight chemical tanker newbuildings, representing an enterprise value of $575.0 million.
DNV GL On Regulatory Developments and Tanker Market
DNV GL’s Tanker Working Group looked at the latest trends in the tanker segment with a special focus on the impact of upcoming emissions regulations at its 31st meeting in Hamburg recently. Some 25 representatives from the tanker industry met with DNV GL experts in the classification society’s maritime headquarters to hear presentations and participate in informal discussions. “The Tanker Working Group is a great place for industry representatives and DNV GL to share ideas and the latest news on regulatory developments…
Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered, which also contributed to the deal along with Arab National Bank and National Bank of Abu Dhabi, it said. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. The tankers were previously ordered from South Korea's Hyundai Samho Heavy Industries Co. (Reporting by Reem Shamseddine; Writing by Tom Arnold)
Navig8 Receives 8th Interline-Coated Tanker
Navig8 Chemical Tankers Inc. today announced that it has taken delivery of the Navig8 Tanzanite, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”), the final 49,000 DWT IMO2 Interline-Coated vessel from the Company’s newbuilding program. The Navig8 Tanzanite is also the eighth and final vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on April 1, 2015.
Asia Tankers-VLCC Rates May Hit Multi-Month Highs
VLCC rates last week hit highest since April, May; balanced tonnage supply-cargo demand support rates. Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs last week, could climb further if there is a flurry of pre-Christmas chartering activity, ship brokers said on Monday. VLCC rates were also buoyed by a drop in the number of new vessels being delivered as owners deferred delivery from late 2016 to early 2017, brokers said. "It should be busy this week because next week the Christmas parties start," a European supertanker broker said on Monday.
Abu Dhabi Ship Building Expands Portfolio
Abu Dhabi Ship Building PJSC (ADSB), a leading provider of construction, repair and refit services for naval, military and commercial vessels, has expanded its customer portfolio to now include chemical tankers. ADSB welcomed its first chemical tanker at the new drydock facility at Mina Zayed, which was commissioned in July of this year. Mid Osprey, a 140m chemical tanker, is undergoing major repairs including the refurbishment of the ship’s accommodation. ADSB has also installed a high powered robotic washer and hydro blasting unit…
Authorities Approve Stolt-Nielsen’s Jo Tankers Acquisition
Stolt-Nielsen Limited said it has it received competition authority approval to acquire the chemical tanker operations of Jo Tankers. The acquisition is expected to be finalized before the end of November. The transaction comprises 13 chemical tankers and a 50 percent share in a joint venture with eight chemical tanker newbuildings, representing an enterprise value of $575 million. The acquired ships would satisfy the tonnage-replacement needs of the Stolt Tankers' fleet for the next several years and add new trade routes that enhance the Company's global service capabilities. Funding for the transaction has been secured through Stolt-Nielsen Limited's main commercial banks with a combination of bridge financing, secured term loans and corporate funds.
Will Ballast Water Management Regs Trigger Tanker Scrapping?
Weakness in freight rates will increase tanker shipping demolitions over the next two years, with the trend accelerating in later years as a result of the IMO regulation on ballast water, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry. Despite the recent decline in tanker freight rates, demolitions have not yet picked up. Scrapping is expected to increase in the next two years, once owners start feeling the heat of persistent, low freight rates. But as the fleet is relatively young, demolitions will be moderate.
Sovcomflot Inks $180 Mn Credit for Two Shuttle Tanker
On 23 November 2016, Sovcomflot and Sberbank signed a memorandum of understanding (MOU) paving the way for a new USD 180 million long-term credit agreement with a term of up to 15 years. On behalf of the parties the MOU was signed by Sergey Frank, Chairman and CEO of Sovcomflot, and Herman Gref, CEO and Chairman of the Executive Board of Sberbank. The credit facility agreement, the subject of the MOU, will finance two Panamax Arctic shuttle tankers within Sovcomflot’s fleet (Mikhail Ulyanov, Kirill Lavrov), built at the Admiralty Shipyards in St.
Seatrans Ship Management and DNV GL ink ECO Insight contract
The Norwegian company Seatrans Ship Management has signed up 20 vessels to the DNV GL fleet performance management solution ECO Insight. The contract covers 13 chemical tankers and seven dry-cargo vessels. “We need to have full insight into the performance of our fleet and use this to continually improve our operations. ECO Insight will help us to achieve this,” says Gisle Rong, Managing Director Seatrans Ship Management. “The fact that it is also easy to install and allows us to harmonize operational and technical reporting onboard were also important factors for choosing ECO Insight…
Partners to Build LNG Dual-fuel Bunker Ship for Singapore
Harley Marine International Holdings Pte. Ltd. said it has signed an MoU with Pavilion Gas Pte. Ltd, Mitsui O.S.K. Lines, Ltd. (MOL), and Mitsui & Co., Ltd. (Mitsui) to build the first liquefied natural gas (LNG) dual-fueled bunker tanker for Singapore. The new 7,500 DWT LNG dual-fueled vessel will be co-funded up to S$2 million (US$1.46 million) by the Maritime and Port Authority of Singapore (MPA) through its LNG Bunkering Pilot Program (LBPP) Grant. The International Maritime Organization (IMO) will soon be enforcing a global Sulphur content cap of 0.5 percent on bunker fuels. LNG, as a marine fuel is a cleaner alternative for the industry. LNG is essentially natural gas, or about 88-97 percent methane cooled down to -262°F.
Navios Buys a 2013-built Chemical Tanker
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today the closing of the previously announced sale of the Nave Constellation, a 2013-built Chemical Tanker of 45,281 dwt. The vessel was sold for $36.4 million (net of commissions), of which $16.4 million was used for repayment of indebtedness. The vessel was acquired in 2013 for $33.6 million.
Newly Pumped Crude Leaves Reopened Libyan Port of Ras Lanuf
A tanker left the Libyan port of Ras Lanuf on Monday carrying the first freshly produced crude oil to be exported since the terminal reopened in September, a port official said. The tanker shipped 600,000 barrels and a second tanker was due to dock at Ras Lanuf shortly, the official said. Ras Lanuf is one of four ports that forces loyal to eastern commander Khalifa Haftar seized in September. Three had been blockaded by a rival faction. The National Oil Corporation (NOC) reopened them and the first export cargo for about two years was shipped from Ras Lanuf in late September. However, until now all oil at the terminal had been taken from existing stocks.
Tough Times in Shipping Fleet Demolition
Strong demolition has been a prominent feature of the shipping industry this year, as challenging market conditions continue to drive a significant supply-side response in a number of sectors, says Clarksons Research. Across the total shipping fleet, demolition could reach one of the highest levels on record in full year 2016, but which markets in particular have taken the biggest hits? 2016 has been an extremely difficult year for the shipping markets, with conditions in most sectors under pressure. Reflecting this, demolition has remained at elevated levels, and in January to November, 841 vessels of 41.3m dwt were scrapped. Demolition so far this year has already exceeded last year’s total of 38.9m dwt…
JNPT Liquid Cargo Terminal Handles Highest Crude Oil
Jawaharlal Nehru Port Trust (JNPT), India’s number one container port, created a major record on November 16, 2016, by loading 80,640 MT of ONGC crude oil on a large vessel ‘MT Desh Bhakta’, which was berthed at LB-01 of BPCL-run Liquid Cargo Terminal. This is the highest quantity of crude oil loaded on a vessel at JNPT which has surpassed the previous highest of 80,489 MT loaded on Tanker vessel ‘MT Ratna Urvi’ in June 2012. ONGC’s crude oil tanker MT Desh Bhakta, which measures LoA of 244.2 meters…
Canada Oil Sands Asia Export Dream Faces Port Bottleneck
The bullish view for Suncor Energy Inc (SU.TO), Cenovus Energy Inc (CVE.TO) and other Canadian energy producers calls for Prime Minister Justin Trudeau by next month to approve a major pipeline expansion to the west coast, boosting sales of land-locked oil sands crude to Asia. But a growing number of shipping brokers and physical oil traders warn that any new influx of oil will hit a bottleneck in Vancouver, because of the port's inability to accept the megaships that dominate oil trade globally. This bottleneck marks one of the more under appreciated hurdles facing Canadian oil sands crude being shipped from its busiest port of Vancouver, these shipping brokers say. Middle Eastern producers already ship oil ship to Asia far more cheaply, thanks to the bigger vessels they employ. And U.S.
FORAN Expands User Base in Korea
These are difficult times for the shipbuilding industry, in particular that of Korea, which faces its worst-ever order drought. Big, medium-sized and small shipbuilders are undergoing deep restructuring as a consequence of the workload downturn. However, despite the crisis Korea is still the global leader in newbuilding deliveries, and its shipyards continue to demand, and now more than ever appreciate, improvements in all areas of management, design and production. At a time of difficulty…
Low Oil Price to Stimulate Tanker Market: NAT
The development of the world economy affects the tanker industry. A low oil price is stimulating the world economy which is positive for the tanker market, says a report by Nordic American Tankers. The drybulk and container sectors are weak. Therefore, some owners are unable to expand into the crude tanker sector, which is currently strong. The yard industry is struggling with low orders over the last years. For NAT, a strong balance sheet and access to financing are competitive advantages. The Suezmax fleet (excl.
Russian Tankers Smuggle Jet Fuel to Syria
Russian tankers have smuggled jet fuel to Syria through EU waters, bolstering military supplies to a war-torn country where Moscow is carrying out air strikes in support of the government, according to sources with knowledge of the matter. At least two Russian-flagged ships made deliveries - which contravene EU sanctions - via Cyprus, an intelligence source with a European Union government told Reuters. There was a sharp increase in shipments in October, said the source who spoke on condition of anonymity due to the sensitivity of the matter. A separate shipping source familiar with the movements of the Russian-flagged vessels said the ships visited Cypriot and Greek ports before delivering fuel to Syria.
NASSCO Delivers Jones Act Tanker to SEA-Vista
On November 8, 2016, shipbuilder General Dynamics NASSCO delivered the American Jones Act-qualified ECO Class tanker Constitution to SEA-Vista LLC. The ship was delivered during a signing ceremony at the builder’s shipyard in San Diego. Construction on Constitution began in June 2015, and the vessel was christened and launched on August 27, 2016. Constitution was built for SEA-Vista, a partnership between SEACOR Holdings Inc. (CKH) and Avista Capital Partners, and will be operated by Seabulk Tankers, Inc.
FORAN Design Wins Korean Universities' First Prize
Hae-Jun Ji and his team of other sophomores and juniors at the Naval Architecture and Ocean Systems Engineering department of the Busan-based Korea Maritime and Ocean University (KMOU) won the first prize in the 25th National Ship Design Contest for University Students organized by the Society of Naval Architects of Korea (SNAK). The award ceremony was held within SNAK’s 2016 General Meeting & Annual Autumn Conference on 3 November in Changwon. The First Prize certificate with a cash award of 1,000,000 won (1,000 US dollar) was presented to the KMOU team by Seok-Ho Ban, President of SNAK.