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The Royal Gazette News

02 Aug 2006

Analysts: Demand for LNG Tankers Decreasing

Excess capacity in the global fleet of liquefied natural gas carriers will be at its highest this decade in 2008, as a growing worldwide fleet results in lower utilization rates, according to the Royal Gazette. Demand for LNG tankers has deteriorated markedly as a result of a large increase in fleet supply partly caused by speculative orders for new ships, industry analysts pointed out. Utilization of the LNG fleet will fall to 77.4 percent in 2008, almost 13 percentage points lower than at the beginning of the decade, data showed. Falling utilization hurts revenue for companies such as Oslo-based Bergesen Worldwide Gas ASA and Golar LNG Ltd. of Hamilton, Bermuda.

09 Mar 2006

Strong Outlook for Tankers

Oil-tanker owners may have a better year in 2006 than last year as the number of new vessels fails to keep pace with demand for crude, The Royal Gazette reported. The fleet will increase by a net five percent this year, compared with 7.8 percent in 2005. (Source: The Royal Gazette)

08 Dec 2005

Court: Frontline Colluded On Tanker Purchase

According to a Bloomburg report published in The Royal Gazette, an Indonesia Supreme Court upheld a ruling that Frontline Ltd. colluded with officials at the state oil company and Goldman Sachs Group Inc. to buy two tankers for below-market prices in 2004. Pertamina hired Goldman in 2004 to help it sell the two tankers. Frontline, controlled by Norwegian billionaire John Fredriksen, bought the two ships for $184 million, according to the report. The Supreme Court upheld the agency’s allegation that the ships were worth $240 million.