Tanker Operators News

U.S. sanctions are limiting tanker activity for Russia's top shipping group, Sovcomflot, the company's head said on Tuesday, as Washington tightens the screws on Moscow.The U.S. imposed sanctions on Sovcomflot on Feb. 23 as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its military actions in Ukraine.Sanctions have impacted the company's operations, "limiting our geography and commercial prospects", Sovcomflot CEO Igor Tonkovidov told reporters.He added that as sanctions are a relatively new instrument to the shipping market…

A bottleneck of vessels waiting to load crude and fuel in Venezuela has increased in recent weeks as state-run oil firm PDVSA struggles to deliver cargoes on time, according to people familiar with the matter, documents and shipping data.PDVSA has sought to ramp up shipments this month, the documents and data showed, following setbacks in January as outages at Venezuela's main port hit its exports. But the increase has been insufficient to ease the congestion.As of Monday, at least 19 supertankers were waiting to load near Venezuela's Jose and Amuay ports…

Automakers Tesla and Geely-owned Volvo Car said they were suspending some production in Europe due to a shortage of components, the first clear sign that attacks on shipping in the Red Sea are hitting manufacturers in the region.The United States and Britain launched a series of strikes on Yemen on Thursday, aimed at the Iran-backed Houthi militia whose attacks on international shipping have disrupted one of the world's most important shipping routes.Container shipping rates jumped…

The cost of chartering a supertanker to load Middle Eastern crude oil for Asia has rebounded from a 19-month low in September, but industry sources expect output supply cuts, led by Saudi Arabia, to cap freight rates for the rest of the year.The world's benchmark very large crude carrier (VLCC) export route from the Middle East Gulf (MEG) to Japan, known as TD3, rose to W50.46 on Monday in the Worldscale measure of freight rates, LSEG data showed. It fell to W35.60 in September…

Prospects for the crude oil tanker market are expected to stay strong for at least the next year helped by low ship ordering, despite the loss of some trade from Russia due to Western sanctions, leading ship operators say.Russia has increased exports to Asia, Africa and South America following the imposition of Western sanctions for its invasion of Ukraine.

Plagued by mosquitoes at night and marauding monkeys by day, ship captain Glenn Madoginog was held for months at an Indonesian naval base before ending up in a cramped prison cell, sleeping alongside convicted murderers and child rapists.The Filipino father of four was one of dozens of captains held at the Batam naval base after being arrested for anchoring in Indonesian waters without a permit while waiting to enter Singapore, according to a dozen people involved in the cases, including captains, ship owners, intermediaries and insurers.Most of the captains were freed after a few weeks once ship owners made unofficial payments to navy intermediaries of between $300…

While the Covid-19 pandemic resulted in few direct claims for the marine insurance sector, the impact on the welfare of crews and the boom in shipping and port congestion, exacerbated by the Ukraine invasion, raises potential safety concerns.Demand for crew is currently high with the shipping boom, yet following the Covid-19 pandemic many skilled and experienced crew are leaving the industry, having endured many months, and in some cases, years, stuck on vessels. For those that choose to remain…

Data usage on commercial maritime vessels has jumped more than threefold since 2019, according to new communications analysis by maritime comms specialist Inmarsat.Inmarsat said the study results underline the shipping industry’s reliance on digital connectivity to enhance operating efficiency and safeguard crew welfare during a period of unprecedented disruption to seaborne trade.The internal study undertaken by Inmarsat, which says it connects more vessels than any other provider…

Tanker vessels may face challenges calling California when new emissions regulations take effect, according to a new DNV report.The report, commissioned by Western States Petroleum Association (WSPA), indicates tanker vessels and terminals in California could struggle to meet the 2020 amendments to California Air Resources Board's (CARB) Ocean-Going Vessels At-Berth Regulation. DNV's technology assessment looked at the feasibility of the current technologies developed around emissions…

At least three tankers controlled by Russian maritime powerhouse Sovcomflot that have been unable to deliver their cargoes due to Western sanctions have re-routed to the Bahamas, vessel tracking data showed on Monday.Russian state-owned Sovcomflot was blacklisted by the United States last month over Moscow's invasion of Ukraine. Britain and Canada also banned vessels flagged, operated or owned by Russia from docking at their ports.Sovcomflot oil and refined products tankers SCF Don, SCF Neva and SCF Ussuri since the weekend signaled the Bahamas as their destination, after rerouting from other nations, according to Refinitiv Eikon tracking…

SEACOR Holdings Inc. completed its acquisition of U.S. Shipping Corp (USSC), a privately owned provider of long-haul marine transportation for chemical and petroleum cargoes in the U.S. coastwise trade, operating under the Jones Act.

International Seaways, one of the world's oil largest tanker operators, petroleum products, has completed the previously announced merger with Diamond S Shipping Inc. The combined company will continue to operate as International Seaways and trade on the New York Stock Exchange under the symbol INSW. International Seaways expects to achieve cost synergies in excess of $23 million and revenue synergies of $9 million, which are expected to be fully realizable within 2022."Following the completion of the merger…

Maersk Tankers Singapore Pte Ltd and Scorpio LR2 Pool Ltd have filed separate claims in the Singapore High Court against Winson Oil Trading Pte Ltd for failing to fulfil its contractual obligations, court documents show.The filings are the latest fallout in the unravelling of Hin Leong—once one of Asia's top oil traders—which has left creditors scrambling to recoup about $3.5 billion in debt.Hin Leong's collapse has triggered competing claims for cargoes and assets and ensnared…

The number of ships fueled by liquefied natural gas (LNG) is expected to more than double by 2030, driven by the shipping industry's desire to cut emissions, a senior executive at Malaysia's Petroliam Nasional Bhd (Petronas) said on Wednesday.Currently, less than 400 out of a total of more than 80,000 registered ships, run on LNG as fuel source. This number could increase to 1,000 vessels globally by 2030, said Mohd Rafe Mohamed Ramli, head of global LNG bunkering at Petronas Marine.The shipping industry has been under pressure to reduce carbon emissions…

Greek commercial ship management company Signal Maritime Services and tanker vessel trader Heidmar join forces to deliver commercial management to the global tanker market.Both companies have agreed a milestone partnership, under which Signal will manage a joint tanker fleet using its proprietary technology and analytical approach, said a press release.Signal’s Artificial-Intelligence-backed solution to pool management has consistently delivered superior earnings to its pool members since its launch in 2018.Commercial management of 18 Aframax vessels in Heidmar’s Sigma Pool will be handled by Signal with immediate effect, with a transition period of one month.Signal will also be working with the Heidmar team to manage the LR2 vessels in its Sigma Pool…

Global Shipping Industry Delivers Comments to Official Consultation on Proposed Modifications to Panama Canal Tolls.The Panama Canal Authority (ACP) is conducting a public consultation on a proposal to adjust the Panama Canal tolls for containerships, vehicle carriers, dry bulk carriers, tankers, chemical carriers, LPG and LNG vessels, passenger vessels and small vessels. The proposed new toll charges are anticipated to enter into effect on 1 January 2020, the same day as the IMO ‘Global Sulphur Cap’ regulation.

Robert (Bob) Hill of Ocean Tug & Barge Engineering Corp., of Milford, MA has specialized in the design of AT/B’s for many years. As probably the world's most experienced designer of large articulated tug/barge (AT/B) systems, Hill’s success comes, in part, from a willingness to innovate. Ocean Tug & Barge Engineering Corporation and Robert Hill are the co-inventors of the Intercon Connection System. In a nutshell, his firm has had a hand in over 70% of the operational AT/B’s in service in America – including, 80% of those built or converted since 1994.

Marine engineering company FKAB said that the sixth vessel ordered by the Gothia Tanker Alliance (GTA), a network of established tanker operators,  has been named at the Avic Dingheng shipyard.The 'Ramelia' is the sixth in a series of vessels ordered for the Gothia Tanker Alliance series.The Ramelia, which is owned by Rederi AB Älvtank, is an ice class 1A environmental friendly tanker, equipped with batteries and dual-fuel engines for LNG operation.It is of 16,300 DWT on design draught & 18,000 DWT on scantling draught, said a press release.This vessel concept is named FKAB T24C1 and was developed by FKAB together with the owner Furetank.Through our FKAB offices in Sweden & China…

Brazil has more than doubled the number of risky ship-to-ship oil transfers this year, but its monitoring of such offshore maneuvers is lax, to a point where a July 2017 collision between two tankers was not reported, according to a Reuters review of government and shipping records.Transfers are projected to keep rising as the country's deep-water discoveries have lured major companies including Exxon Mobil Corp and Royal Dutch Shell Plc to recent offshore auctions. During these maneuvers, ships pull alongside one another and oil is transferred to a vessel via high-pressure hoses.

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements, debt trading, Chinese ECA aspects and complex shared security and other intercreditor agreements.The transaction, which completed out of court,…

Singapore-based FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust  announced a new pool agreement for the two LR2 vessels, 2006 built and each 109,672 DWT, FSL Piraeus (ex-Torm Margrethe) and FSL Perth (ex-Torm Marie), which have recently returned from their bareboat charters and have now been renamed.The Trust has established a new business relationship with Heidmar as these vessels enter into the Sigma Pool.Heidmar Inc, founded in 1984, is one of the world’s leading commercial tanker operators with a fleet of approximately 80 ships, including VLCC, Suezmax, Aframax / LR2, and Panamax vessels.Roger Woods, Chief Executive Officer of FSL Trust commented: "We are delighted to be working along with a reputable and knowledgeable partner like Heidmar.

BWMS, Scrubber Install Outlook is GoodOperating since 2011, Qatar’s Nakilat-Keppel Offshore & Marine Ltd (N-KOM) offers a range of repair, conversion, maintenance and fabrication services to marine, offshore and onshore industry. The shipyard has delivered in excess of 800 marine and offshore projects to date, of which 20% is made up of LNG carrier repairs. In comparison to the first half of 2017, the year 2018 has a marked increase in volume about 25% in terms of repairs and other works.

Tanker operators Euronav NV said that it remains confident of closing a takeover of the U.S.-based provider of international seaborne crude oil transportation services Gener8 Maritime in the next three months. On 21 December 2017 the boards of Euronav and Gener8 Maritime announced agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 pursuant to which Gener8 would become a wholly-owned subsidiary of Euronav (the Combined Entity). "Work on the transaction is proceeding as planned with an anticipated closing in the second quarter of 2018," said a statement from the company. The merger will create the leading independent large crude tanker operator with 75 crude tankers…