Crude Oil Transportation News

Exxon and Canada-based crude pipeline operator Enbridge were sued in Illinois federal court on Tuesday over claims they barred a competitor from building a terminal to ship oil by barge from the Chicago area to refineries in the Midwest and Gulf of Mexico.The antitrust lawsuit from energy infrastructure developer Ducere seeks more than $11 million in damages for work the Illinois company said it already paid for on the project and for lost future profits.Exxon, Enbridge and their…

ABS, Gaztransport & Technigaz (GTT) and DHT Holdings, Inc. signed a joint development project (JDP) to optimize a new, very large crude carrier (VLCC) with liquified natural gas (LNG) propulsion that meets Class and statutory requirements.The dual fuel vessel is intended to provide flexibility for operations and to reduce greenhouse gas (GHG) emissions.The agreement—signed at the Gastech 2023 conference in Singapore—will see ABS, GTT and DHT focus on optimizing the VLCC design…

UAE-based AD Ports Group and KMTF (Kazmortransflot), an offshore logistics and services subsidiary of the Kazakh National Oil Company (KazMunayGas), have signed a deal to launch a joint venture that will provide offshore and shipping services for energy companies in the Caspian Sea.The joint venture will be 51 percent owned by AD Ports Group and 49 percent owned by KMTF. The two companies also signed a deal to pool tanker resources."The joint venture, which will look at investments opportunistically will offer a broad range of services…

Overseas Shipholding Group, the tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets, has entered into agreements with BP Oil Shipping Company USA and BP AMI Leasing to purchase the crude oil carrier vessels operated by Alaska Tanker Company (ATC).OSG currently owns a 37.5% interest in ATC. As part of the above transaction, OSG will acquire the remaining 62.5% interest of ATC that it does not own.According to the publicly traded tanker company, the agreements provide for deposits equal to 20% of the purchase price to be paid upon their execution, with the balance of the consideration to be paid at closing.Closing of the purchases is subject to various conditions…

Diamond S Shipping Inc, the owner and operator of crude oil and product tankers, has sold two 2008-built MR vessels, the Atlantic Aquarius and Atlantic Leo, generating approximately $11.3 million of liquidity before settlement of working capital.A non-cash write-off of $18.3 million was recognized in connection with the vessel sales, it said.Diamond S Shipping owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers.The company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the Crude Fleet) and a 50-vessel refined petroleum product transportation fleet (the Product Fleet).The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel.

The very large crude oil carrier (VLCC) Tanzawa, the first new NYK-owned vessel to include an SOx scrubber, has been delivered into the NYK fleet. On October 3, a naming and delivery ceremony was held at the Kure shipyard of Japan Marine United Corporation, and attended by Akira Kono, NYK managing corporate officer, and other related parties.The new vessel is equipped with a scrubber that is compliant with the International Maritime Organization’s (IMO) more stringent SOx emission regulation…

Enterprise Products Partners LP said on Wednesday it expects to take about two years to construct its oil export project called Sea Port Oil Terminal, or SPOT, in the U.S. Gulf of Mexico.Permitting for the terminal was expected to reach the final stages by the end of the first quarter of 2020 and final approval was expected during the second quarter, a company executive said on its second quarter earnings call.Enterprise Products signed long-term agreements with Chevron Corp to support the development of SPOT…

Japanese logistics major Mitsui O.S.K. Lines (MOL) announced, the delivery of a Very Large Crude Carrier (VLCC), "Phoenix Jamnagar" on April 24, which was built at Japan Marine United Corporation (JMU) Ariake works and will be placed under control of Phoenix Tankers (Phoenix) based in Singapore, a 100% subsidiary of MOL.The vessel was designed and developed by JMU as a next-generation Malacca Max Type VLCC with utilizing its accumulated knowledge and technology as gained through numerous Malacca Max deliveries experiences.The vessel will primarily be employed for the crude oil transportation to India under a long-term contract between Phoenix and Reliance Industries Limited.MOL…

National Shipping Company of Saudi Arabia (Bahri) has taken delivery of Khurais, a very large crude carrier (VLCC), from Korean Hyundai Samho Heavy Industries (HSHI). Industry leader adds fourth VLCC this year, bringing its total number of vessels to 92,further enhancing its market-leading capabilities in crude oil transportation. The new addition is the fourth of five VLCCs to be received this year from South Korea-based Hyundai Samho Heavy Industries (HSHI), the world’s largest shipbuilding company. ‘Khurais’ was delivered at a ceremony held at HSHI’s Mokpo shipyard in South Jeolla Province, South Korea, on 10 April 2018. Capable of transporting two million barrels of crude oil…

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…

The New York-based Gener8 Maritime Inc. (GNRT) reported a loss of $45.4 million for the fourth-quarter ended December 31, 2017, after reporting a profit of $5.8 million in the same period a year earlier. The crude oil transportation services provider reported a loss of $168.5 million for the year ended December 31, 2017. Gener8 Maritime has increased full fleet "ECO" operating days to 65.1% in the three months ended December 31, 2017, compared to 43.4% in the same period in the prior year. The company sold a 2003-built Aframax (Gener8 Pericles), a 2000-built Suezmax (Gener8 Argus), a 2002-built VLCC (Gener8 Poseidon), and a 2010-built VLCC (Gener8 Zeus) for net cash proceeds of $33.2 million after debt repayment of $63.8 million and release of working capital from the Navig8 pools.

The National Shipping Company of Saudi Arabia (Bahri) received a very large crude carrier (VLCC) named “Lawhah” on Thursday, the company said. "Continuing its strong start to 2018, Bahri accepted the delivery of ‘Lawhah to further cement its market-dominant position in crude oil transportation," said a press release. The vessel, which lifts the total number of the company’s multipurpose fleet to 90, is the second of five VLCCs to be received this year from Hyundai Samho Heavy Industries (HSHI), the world’s largest shipbuilding company based in South Korea. Bahri took the delivery of Lawhah at a ceremony held at the HSHI’s Mokpo shipyard in South Jeolla Province, South Korea, on February 1, 2018.

Gener8 Maritime, Inc. a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Miltiades on October 25, 2016 from Shanghai Waigaoqiao Shipbuilding Co. Ltd. ("SWS"). The Gener8 Miltiades  represents the sixteenth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Miltiades entered Navig8 Group's VL8 Pool. The Gener8 Miltiades is the sixth "ECO" VLCC delivered by SWS to Gener8 Maritime, concluding our newbuilding program with the yard.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of two very large crude carriers (VLCC).   The Gener8 Perseus was delivered September 9, 2016 from Hyundai Heavy Industries Co., Ltd., and the Gener8 Oceanus on September 12, 2016 from Hyundai Samho Heavy Industries Co., Ltd. Upon delivery, both tankers entered Navig8 Group's VL8 Pool.   The two new tankers represent vessels 14 and 15 of 21 "ECO" VLCCs ordered for the Gener8 Maritime fleet. The shipper has on order four more VLCCs anticipated for delivery in 2016 and two for 2017.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it has taken delivery of the ECO VLCC the Gener8 Macedon on August 30, 2016 from Hyundai Samho Heavy Industries Co., Ltd.   The Gener8 Macedon represents the 13th of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet.    Upon delivery, the Gener8 Macedon entered Navig8 Group's VL8 Pool.

Reviewing the company’s financial and operating results for the first half year ended 30 June 2016, on 23 August 2016, the Executive Board of PAO Sovcomflot (“SCF Group”) noted that despite a tanker market downturn, the company was able to demonstrate strong performance and strengthen its financial position while continuing to enhance its industrial projects portfolio in accordance with its Development Strategy. * Five new vessels launched: pioneering 172,600 m3 capacity ice breaking LNG carrier (Arc7 ice class) for Yamal LNG project (January), three new Arctic shuttle tankers for Novy Port project (February, April, June), and a new ice-breaking supply vessel to serve Sakhalin 2 project (June).

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27, 2016 from Hyundai Samho Heavy Industries Co. Ltd.   The Gener8 Constantine represents the 11th of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet.   Upon delivery, the Gener8 Constantine entered Navig8 Group's VL8 Pool.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the ECO VLCC the Gener8 Nautilus on April 20, 2016 from Hyundai Samho Heavy Industries Co., Ltd. The Gener8 Nautilus represents the ninth of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet.  Upon delivery, the Gener8 Nautilus entered Navig8's VL8 Pool.

Euronav NV (NYSE: EURN) this morning issued a release to set the record straight with investors, from its perspective, on current market conditions in the large tanker market. According to Euronav, despite the current capital market's predominantly negative sentiment , Euronav said that it continues to experience robust and fundamental strength in the VLCC and Suezmax sectors. The average daily time charter equivalent rates (TCE) obtained by the company’s fleet in the tankers International pool in the fourth quarter 2015 was approximately $62,000 per day (4Q14: $31,650/day). The time charter equivalent earnings of the Euronav Suezmax spot fleet was above $40,000 per day for the fourth quarter 2015 (4Q14: $24,250 per day).

Maersk Tankers, a unit of A.P. Moller-Maersk, said on Thursday it had quit four unprofitable crude oil charter contracts by buying out supertankers and selling them onwards, continuing its exit from crude oil transportation. The company now has charters for just two supertankers, called Very Large Crude Carriers (VLCCs), although the intention is to get out of these contracts too, Maersk Tankers spokeswoman Stine Pedersen said. Buying the vessels from their owners allows Maersk to exit the charter contracts.

Online ships data platform VesselsValue.com has rounded up the top spenders in terms of second hand tonnage for the first half of 2015. Leading the industry in total amount spent on second hand tonnage so far in 2015 is U.S.-based Gener8 Maritime, who spent roughly $1.4 billion on 14 vessels. The seaborne crude oil transportation services company formed earlier this year as result of a merger between General Maritime Corporation and Navig8 Crude Tankers Inc. Second in spending was the Malaysian headquartered tanker shipping group MISC who spent about $1.065 billion on five second hand vessels.

Gener8 Maritime, Inc. involved in international seaborne crude oil transportation services, today announced that it took delivery of the ECO VLCC Gener8 Neptune from Daewoo Shipbuilding & Marine Engineering on September 11, 2015.  The Gener8 Neptune represents the first of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Neptune will be entered into Navig8's VL8 Pool.

A keel laying ceremony was held Monday at Korea’s Samsung Heavy Industries Co., Ltd. for the first of six ships in the project 42К Arctic Shuttle Tanker series. The six tankers in the series will be named after the famous Russian explorers of the Arctic, including participants to the Great Northern Expedition of the 18th century. The ships are being built to the dual Russian Maritime Register of Shipping / Lloyd’s Register class. Sovcomflot (SCF Group) is the owner of three tankers of the series.