Suezmax News

Contracting activity for for crude tanker newbuilding has risen sharply to start 2024, driven by a steep rise in orders for very large crude carriers (VLCC), according to shipping organization BIMCO.In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m DWT, a 490% leap y/y. Notably, the 19 VLCCs ordered in January and February is more than was ordered for the entirety of 2023.Freight rates for crude tankers spiked at the start of the war in Ukraine, and they have largely stayed strong since, said Filipe Gouveia, shipping analyst at BIMCO.

Iran will unload about $50 million worth of crude from a Marshall Islands-flagged tanker seized last year, the semi-official Fars news agency reported on Wednesday, in a tit-for-tat action against the United States.Advantage Sweet is a Suezmax crude tanker that had been chartered by U.S. firm Chevron and was seized in April 2023 by Iran's army following an alleged collision with an Iranian boat.The unloading of the cargo follows a Tehran court order in favor of Iranian patients of Epidermolysis Bullosa (EB)…

The BIMCO Tanker Shipping Market Overview & Outlook February 2024 by Niels Rasmussen, BIMCO’s Chief Shipping Analyst, forecasts that the supply/demand balance will tighten further during both 2024 and 2025.Low fleet growth, along with increasing sailing distances, create the foundation for the improvement despite a slowing of growth in oil demand. The product tanker supply/demand balance is also expected to tighten in 2024 but weaken in 2025. Like the crude tanker market, longer sailing distances support demand growth despite slowing oil demand.

Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data.Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India. Before the war, Russia exported…

Tsakos Energy Navigation (TEN) on Monday announced it has sold one of the older vessels in its fleet, noting it plans to sell additional vessels in the near future.The 164,608 dwt suezmax tanker Eurochampion 2004, built at South Korea's Hyundai Heavy Industries in 2005, was sold to an undisclosed buyer in a deal expected to contribute approximately $40 million to the TEN’s cash balances, the Greek shipowner said.In announcing the sale, TEN noted its management is in continuous discussions for further vessel sales in the near future.The company also announced it has taken delivery of two 115…

The Marshall Islands-flagged tanker seized by Iran in the Gulf of Oman on Thursday has been located east of Iran's Qeshm Island, monitoring service TankerTrackers.com said in a post on social media platform X.Iran seized the St Nikolas, loaded with Iraqi crude destined for Turkey, in retaliation for the confiscation last year of the same vessel and its Iranian oil cargo by the United States, Iranian state media reported."The Greek-owned, UK-insured and Marshall Islands-flagged Suezmax tanker ST NIKOLAS...laden with 1 million barrels of Iraqi crude oil…

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…

Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world's main East-West trade route, following attacks launched by Yemen's Houthi group on commercial ships at the southern end of the Red Sea.The attacks raised the specter of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.IS THE RED SEA ROUTE IMPORTANT FOR…

A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.Attacks in recent days on ships in the major Red Sea shipping route have raised the spectre of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.The Red Sea is linked to the Mediterranean by the Suez Canal…

Belgian oil tanker firm Euronav on Thursday beat analysts' expectations and more than doubled its core profit in the third quarter from the same year-ago period, helped by higher sales and high freight rates.The market for very large crude carriers (VLCC) "has improved due to increased frequency of loadings from higher USA crude production", Euronav said in a statement. Although freight rates fell modestly during the quarter, they still remained strong when compared to historic averages since 1990, Euronav added.

Shipowner Nordic American Tankers (NAT) on Thursday said it has entered an agreement to purchase a secondhand suezmax tanker.The South Korean built vessel has been "operated and well maintained by a top shipowner the last 6 to 7 years", Herbjorn Hansson, NAT founder, chairman and CEO, wrote in a letter to shareholders and investors."The vessel is purchased on a charter free basis and we intend to finance the purchase with a sale leaseback financing – an arrangement that has worked very well for us in the past," NAT said.

Insurance companies have notified charterers of ships operating in Russia's Black Sea ports of an increase in additional payments known as "war risk premiums", four traders said.A war risk premium was added to the common insurance costs for tankers last year after the start of Russia's military action in Ukraine, which Moscow calls a special military operation.Military actions in the Black Sea area of Russian and Ukrainian Black Sea ports have escalated since the grain export deal fell apart in mid-July.Most recently Russia reported several attacks at its Black Sea ports.

A cargo of Iranian crude oil that was seized by the United States was unloading on Sunday after waiting two-and-a-half months off the coast of Texas to discharge, ship tracking data showed.Suez Rajan, a Marshall Islands-flagged tanker, has been anchored off Galveston, about 50 miles (80 km) outside of Houston, since May 30, unable to unload because commercial agents fear any vessel that takes it will be shunned by customers.But on Sunday, the Liberia-flagged tanker MR Euphrates was lined up next to Suez Rajan to perform a ship-to-ship transfer and remove the crude oil, according to ship tracking data on Refinitiv Eikon.The U.S. Department of Justice…

FPSO leasing company BW Offshore has signed a short-term extension for its Abo FPSO.The extension was signed with Nigerian Agip Exploration Ltd, a subsidiary of the Italian oil firm Eni, and runs until August 14, 2023.BW Offshore has been in talks to divest the FPSO, which is operating at the Abo field offshore Nigeria, and is seen as non-core to its FPSO fleet. This extension is the latest in a series of short-term extensions announced for the Abo FPSO recently.The ABO FPSO started producing in April 2003.

A cargo of sanctioned Iranian crude oil that was confiscated by the U.S. has sat off the Texas coast for eight weeks, unable to unload because commercial agents fear any vessel that takes it will be shunned by customers, people familiar with the matter said.Suez Rajan, a Marshall Islands-flagged tanker, has been anchored off Galveston, about 50 miles (80 km) outside of Houston, since May 30, with ship agents refusing to accept it. The Suezmax requires a lightering agent to transfer the crude to smaller ships, as its size and weight restrict it from directly entering the port.Shipping companies are worried that lightering the Iranian crude onto their vessels would lead other oil buyers to shun their ships on future voyages…

New research explores how nuclear propulsion could transform the design, operation and emissions output of vessels in the commercial maritime industry.Classification society ABS said it commissioned Herbert Engineering Corp. (HEC) to carry out the study to examine the potential of advanced modern reactor technology for commercial marine propulsion. The study is designed to help industry better understand the feasibility and safety implications of nuclear propulsion and to support future development projects.The study…

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…

Belgian oil tanker and storage operator Euronav reported better-than-expected first-quarter revenue and core earnings on Thursday, supported by an improvement in freight rates, and proposed raising its dividend. "The counter seasonal strength recorded in Q1 underpins our view that strong and durable drivers are in place to continue a multi-year upcycle in large crude tanker freight markets," CEO Hugo De Stoop said in an earnings statement. Euronav, one of the largest oil tanker companies in the world…

The path to decarbonization is defined by partnership and fueled by government funding. This month we examine the players, partnerships, and evolution of Hydrogen Hubs in the Gulf of Mexico.The Green Shipping Challenge, organized by the United States and Norway at COP 27 held in late 2022, brought about dozens of announcements on maritime decarbonization. Among these was a joint statement from the Blue Sky Maritime Coalition (BSMC) – a consortium of North American shipowners and…

The U.S. confiscated Iranian oil on a tanker at sea in recent days in a sanctions enforcement operation, three sources said, and days later Iran seized another oil-laden tanker in retaliation, according to a maritime security firm.As oil markets remain jittery, the cargo seizure is the latest escalation between Washington and Tehran after years of sanctions pressure by the U.S. over Iran's nuclear program. Iran does not recognise the sanctions, and its oil exports have been rising.Tehran says its nuclear program is for civilian purposes while Washington suspects Iran wants to develop a nuclear bomb.Maritime security company Ambrey said the U.S. confiscation took place at least five days before Iran's action on Thursday.

Iran seized a Marshall Islands-flagged oil tanker in the Gulf of Oman in international waters on Thursday, the U.S. Navy said, the latest in a series of seizures or attacks on commercial vessels in sensitive Gulf waters since 2019.Iran's army said it had seized a Marshall Islands-flagged oil tanker in the Gulf of Oman after it collided with an Iranian boat, injuring several crewmen, Iranian state media reported."Two members of the boat's crew are missing and several were injured due to the collision of the ship with the boat," an army statement said.The U.S.

Shipowner SFL Corporation announced on Friday it has sold and delivered a 2010-built suezmax oil tanker to an undisclosed third party as part of its fleet renewal plans. SFL said its net proceeds from the sale of the 156,000 DWT Everbright are approximately $41.1 million, and the vessel was debt free at the end of the first quarter.The NYSE-listed company said it expects to record a book gain of approximately $6.4 million, which it will reinvest in new assets."Divesting of older vessels is part of the company’s strategy to continuously renew and diversify its fleet," SFL said in a statement.