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St Shipping News

28 Jun 2023

Performance Shipping Bags Charter for M/T P. Aliki Tanker

Performance Shipping, a shipping company specializing in the ownership of tanker vessels, has entered into a time charter contract with ST Shipping & Transport Pte Ltd., for the 2010-built, 105,304 dwt, LR2 Aframax oil product tanker, the M/T P. Aliki. The gross charter rate will be based on a fixed floor rate of US$45,000 per day for a period of minimum of four months to a maximum of five and a half months at the charterer's option, plus a 50/50 profit share provision above the floor rate. The charter started on June 26, 2023, and is expected to generate approximately a minimum of US$5.5 million to a maximum of US$7.5 million in gross revenue to Performance Shipping…

05 Dec 2022

Performance Shipping Takes Delivery of Secondhand Aframax Tanker

Greek tanker owner Performance Shipping announced on Monday it has taken delivery of a secondhand Aframax tanker it agreed to purchase in September 2022.The P. Monterey, formerly Phoenix Beacon, is a 105,525 dwt tanker built in 2011. It is equipped with a ballast water treatment system (BWTS), and its next scheduled special survey is not due until 2026.The vessel was acquired for a total purchase price of $35 million and partially financed through the recently announced term loan facility with Piraeus Bank S.A.Following the delivery, P. Monterey will commence a time charter contract with ST Shipping & Transport Pte Ltd., a wholly-owned subsidiary of Glencore, at a daily rate of $32,000 per day for a period of 24 months +/- 45 days at the option of the charterer.P.

26 Aug 2021

Diana Shipping Secures Charter for 75,700dwt Bulk Carrier

Credit: Diana Shipping

Dry bulk vessel company Diana Shipping has entered into a time charter contract with ASL Bulk Shipping HK Limited, for one of its Panamax dry bulk vessels, the m/v Selina. The gross charter rate is US$26,500 per day, minus a 5% commission paid to third parties, for a period until a minimum of June 15, 2022, up to a maximum of September 15, 2022. The charter for the 225 meters long vessel is expected to begin on September 1, 2021. The m/v Selina is currently chartered to ST Shipping and Transport Pte.

07 Oct 2020

Frontline CEO Macleod Steps Down

Oil tanker company Frontline said Wednesday its CEO Robert Hvide Macleod had decided step down from his position. The oil and gas shipping firm said its board had appointed Lars H. Barstad, Frontline's commercial director, to take the role as interim chief executive officer of Frontline Management AS."With his solid background within the industry and his profound understanding of the company and its organization the board is confident that this new appointment will ensure a successful and seamless transition of the role," Frontline said.The outgoing CEO Macleod will be available for Frontline until April 30, 2021.Billionaire shipping magnate and Frontline chairman John Fredriksen said, "I would like to thank Robert for his contribution to Frontline.

18 Sep 2020

Glencore Extends Charter for 'Bulk Shanghai' Bulk Carrier

Illustration only; Credit: Glencore

Mining giant and commodity trader Glencore has via its subsidiary ST Shipping extended the charter for the 2020 Bulkers' 'Bulk Shanghai' bulk carriers.2020 Bulkers said Friday that the charter would be extended for a period of 6-8 months from October 4, 2020. According to the 2020 Bulkers, the vessel will from October 4, 2020, earn a fixed rate of $18,000 per day, gross, as well as a share of the fuel savings generated from the scrubber fitted on the vessel.According to AIS data…

07 Jan 2020

2020 Bulkers Adds Fifth Newbuild

Norwegian shipowner and operator 2020 Bulkers has taken delivery of Bulk Shenzhen, the fifth of eight 208,000 dwt Newcastlemax newbuilds.One further vessel is expected to be delivered in January 2020, and the remaining two vessels are expected to be delivered by May 2020.The vessel will on January 9, 2020, commence a 11-13 month index-linked time charter with ST Shipping, a 100% owned subsidiary of Glencore. The index-linked rate reflects a significant premium to a standard Capesize as a function of higher cargo intake and lower fuel consumption.The vessel will also earn an additional premium related to the fuel cost saving from the scrubber.2020 Bulkers has five vessels in operation and three Newcastlemax drybulk vessels under construction at New Times Shipyard in China.

06 Nov 2019

Bulk Shanghai Joins 2020 Bulkers

Norway-based dry bulk shipping company 2020 Bulkers has taken delivery of Bulk Shanghai, the fourth of eight 208,000 dwt Newcastlemax newbuilds.The 300-meter-long bulker, which commenced a 13-year bareboat charter with 2020 Bulkers, is owned by Norwegian shipping company Ocean Yield.Two further vessels are expected to be delivered by January 2020, and the remaining two vessels are expected to be delivered by May 2020.The vessel will on November 9, 2019, commence a 11-13 month index-linked timecharter with ST Shipping, a 100% owned subsidiary of Glencore.Starting January 1, 2020, the vessel will also earn an additional premium related…

19 Nov 2018

Oman Shipping: Strong Domestic Performance

Debasish Mohapatra (Photo: OSC)

Oman Shipping Company (OSC) is reporting strong performance in domestic markets following long-term deals with local refineries and traders including ORPIC and OTI.OSC’s growth in the region is being driven by a 20-year contract to transport condensate for ORPIC (Oman Oil Refineries and Petroleum Industries Company) and a 15-year deal transporting methanol for OTI (Oman Trading International) from Salalah Methanol plant.The company is further supporting the export of LPG from Sohar Refinery to Yemen, Sudan, India, Bangladesh and Sri Lanka.

10 Jul 2018

Diana Shipping Signs TC Contract for m/v Maera with ST Shipping

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ST Shipping and Transport, Singapore, for one of its Panamax dry bulk vessels, the m/v Maera. The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$11,750 per day, minus a 5% commission paid to third parties, for a period of about seven months to maximum nine  months. The charter commenced on July 4, 2018. The “Maera” is a 75,403 dwt Panamax dry bulk vessel built in 2013. This employment is anticipated to generate approximately US$2.29 million of gross revenue for the minimum scheduled period of the time charter.

23 Jun 2017

Asia Tankers-VLCC Rates Supported by Floating Storage

Trafigura hires five VLCCs to store oil; short-term storage a profitable play. Freight rates for very large crude carriers (VLCCs) could creep higher as more ships are chartered for floating storage and crude oil shipments increase ahead of the northern winter, brokers said. "There might be a slow creep up towards 60 (on the Worldscale measure)," said Ashok Sharma, managing director of ship broker BRS Baxi in Singapore on Friday. "W60 is at least on the horizon. Rates from West Africa to China are already at W56," he added. That came as VLCC rates from the Middle East to Asia gained around 3 Worldscale points since last Thursday, buoyed by growing interest from traders seeking to charter vessels to store oil for one to three months. "The storage play has gained traction.

16 Jun 2017

Asia Tankers-VLCC Rates Plateau, Could Edge Higher

Floating storage, West Africa cargoes support rates; further storage charters may push rates to W60. Freight rates for very large crude carriers (VLCCs), which were supported this week by a shift to using older vessels for floating oil storage, have plateaued at current levels but could nudge higher on further storage plays, brokers said on Friday. Rates from the Middle East to Asia are currently around 50 on the Worldscale measure and W55 from West Africa to Asia depending on vessel age and actual destination, brokers said. "Rates haven't peaked, they have plateaued," said Ashok Sharma, managing director of shipbroker BRS Baxi in Singapore. "Depending how the storage play plays out rates could touch W60 - not next week.

17 Feb 2017

Aframaxes Taken for Short-term Time Charters in Asia

File photo: Tsuneishi Shipbuilding Company

The Asian Aframax market is currently stable but seems to be facing a more positive outlook on the back of short-term time charters as well as an increase in third decade cargoes. Rates for an Indonesia/Japan run basis 80 kt are hovering around w100 to w102.5, while rates for the AG/East route basis 80 kt stand at w115. Reflecting firmer owner sentiment, TD14 inched up steadily w-o-w to w100.78 which translates into daily earnings of around $8,700/day. At least three Aframaxes…

29 Jul 2016

Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next week amid a seasonal slowdown exacerbated by strong vessel supply, shipping executives said. "I'm not sure we've seen the worst yet," an European supertanker broker said on Friday. "Refineries are slowing down. Oil markets are clogged up by large inventories of products and crude," the broker said. Excess oil supply has been exacerbated by surplus tonnage from new supertanker deliveries, vessels returning to service from repair and ships rejoining the active trading fleet after being used as floating storage.

11 Jul 2016

Unipec, Largest Dirty Tanker in Spot Charterer

China’s Unipec remained the top spot charterer of dirty tankers and VLCCs in the first half of 2016, according to Poten & Partners. In stock of the spot market activity in the dirty tanker market  nothing (much) has changed between 2015 and 2016. The top seven charterers are exactly the same as last year. Unipec is still on top and even expanded its lead slightly (from 13.4% of the total in 2015 to 13.8% in 2016 YTD). Not surprisingly, the leading charterers hail from China (Unipec, Petrochina), India (IOC, Reliance), complemented by the super-majors and the leading traders. As a reminder, these rankings are all based on reported spot fixtures.

15 Jun 2015

Supertankers Set to Take North Sea Crude to Asia in June

As many as four VLCC tankers could take North Sea crude oil to Asia this month, shipping fixtures show, after an Atlantic Basin supply glut forced prices to multi-year lows. The Samco Europe, Bunga Kasturi Empat, Britanis and Starlight Venture VLCCs - very large crude carriers - have been lined up for the shipments, according to the fixtures, equivalent to around 8.4 million barrels of Forties crude oil. The tankers have been booked by Unipec, Glencore's shipping arm ST Shipping, Trafigura and Vitol respectively. Unipec's tanker is listed as heading for Singapore, but the other three are expected to head for South Korea, which benefits from freight rebates and a free trade agreement with Europe. Both of these measures encourage local refiners to diversify their crude imports.

16 Jan 2015

U.S. Oil Traders Storing W.African Crude

Glencore, Suncor, ENI, Vitol all booking tankers; U.S. crude oil stocks at highest ever level for time of year. Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude. Oil firms including Swiss-based Glencore, Italian energy major ENI and Canada's biggest oil company Suncor have lined up ships to take at least 10 million barrels of West African crude to North America, ship brokers say, with freight bookings and tanker tracking also showing the moves. The move reinvigorates a trade that had been largely shut off by the U.S.

15 Jan 2015

Traders to Store W.African Crude in US Until Prices Recover

Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude. Oil firms including Swiss-based Glencore, Italian energy major ENI and Canadian's biggest oil company Suncor have all lined up ships to take at least 10 million barrels of West African crude to North America, ship brokers say, with freight bookings and tanker tracking also showing the moves. The move reinvigorates a trade that had been largely shut off by the U.S. shale boom, as West African barrels that used to be imported to the United States were some of the first to be pushed out by soaring output in Texas and North Dakota. While U.S.

14 Jan 2014

Viking Raid: New Novel Portrays Wall St. Shipping Tycoon

Viking Raid, by Matthew McCleery

Marine Money announced the release of Viking Raid: A Robert Fairchild Novel, the much-anticipated sequel to The Shipping Man: A Novel, by Matthew McCleery, President of Marine Money International and Managing Director of Blue Sea Capital. Both books are now available through Amazon and Barnes & Noble online. Combining swashbuckling shipping adventure with corporate finance derring-do, Viking Raid follows the adventures of former hedge fund manager, Robert Fairchild, and archetypal Norwegian shipping tycoon…

23 Jun 2011

Tanker Market in the Doldrums

The global tanker market is depressed, it appears that there is little hope that it will recover for at least two years, according to a panel of expert speaking yesterday at a MarineMoney event in New York City. “What a difference a year makes,” said Jonathan B. “Last year everyone was slapping each other on the back, but I don’t think there is any doubt where we are today; we are in a trough,” Chappell said. The global shipping markets are historically cyclical and difficult to predict, even for seasoned veterans, and there was no consensus on when a full recovery would come about, though generally it seems 12 to 36 months is a popular line of thought. “The easy answer is: ‘rates are down and there are too many ships,’” said Jan Andersen, Head of Shipping, ST Shipping and Transport Pte.

20 Jul 2011

Blue Water Trade Winds Signs Contract with ST Shipping & Transport

Blue Water Trade Winds Pvt. Ltd., a Dehradun, India-based marine consulting firm, has recently signed a three-year contract with ST Shipping & Transport Pte Ltd for implementing “Cargo Heating Management Service” onboard their substantial fleet of owned and time chartered vessels, reports Anurag Datta, Manager (Technical & Business Development) at Blue Water. The Service is used to optimize the shipboard fuel oil consumption required for cargo heating operations and it’s a milestone addition to the upcoming ways of saving fossil fuels and reducing environmental impact from emissions; primarily by innovating new methodologies to optimize the fuel consumption in a system.

09 Aug 2011

Concordia Maritime Upgrades Ships, Changes Fleet Disposition

Concordia Maritime has now completed the upgrade of two of its P-MAX tankers to chemical class III, so-called IMO III classification. This means that the vessels are now also able to transport vegetable oils, in addition to refined petroleum products and crude oil. The vessels in question are the Stena Performance, re-delivered from her time charter at the end of June, and the latest addition to the fleet, the Stena Premium, delivered from the shipyard in June. An IMO III upgrade means that the vessels’ flexibility in the market is increasing and more days laden than in ballast can be achieved. The Stena Performance has been employed on the open market since July. Her operation is handled by Stena Weco on our behalf.

14 Oct 2011

Diamond S Shipping Completes 30-Tanker Acquisition

Diamond S Shipping announced today that it has completed the acquisition of 30 medium-range product tankers and related charters from Cido Shipping of Hong Kong. The product tankers, built between 2007 and 2010, are under long-term charters with a number of global shipping companies, including A.P. Moeller, d'Amico, Hyundai Merchant Marine, Overseas Shipholding Group and ST Shipping. The tankers are being added to Diamond S' fleet of ten new buildings now under construction, with the first delivery scheduled for January 2012. A group of institutional investors led by WL Ross & Co. and First Reserve Corporation, and including China Investment Corporation…

12 Jul 2012

Open Ocean Launches Maritime Security Program

Chenega UK Managing Director Murray Hammick

Aboard the HQS Wellington in London yesterday, Chenega UK Ltd. launched its fully integrated maritime security system to combat piracy and provide the ship owning community with a holistic, single point of contact security program to mitigate the risk of piracy. The system was received with excitement by the shipowners, managers, insurers, flag states and others engaged in transporting more than 90% of the world's goods, as "currently, it is the maritime industry itself that is being held hostage", stated an Open Ocean representative.