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Tanker Charter Rates

NOL Expects It To Be A Profitable Year

Neptune Orient Lines Ltd. (NOL) expects a better second half and overall profit in the current year. NOL said the bottoming out of the Asian economic crisis had resulted in higher cargo volumes in most sectors. Freight rates out of Asia to Europe and North America had also increased since mid-year, it said in comments accompanying its result. NOL reported last Wednesday an interim net profit, the first time in two years, but results were disappointing as gains came mostly from non-recurring items. The national shipping giant reported a net profit of S$10.02 million for the six months ended June 30, 1999 against a net loss of S$240.76 million a year earlier. As expected, NOL reaped a net profit of S$285 million from the sale of its non-core North American stacktrain business unit, APL Land Transport Services Inc. in May. Container shipping operations accounted for 72 percent, chartering six percent, logistics eight percent and other investments, namely its stacktrain unit which it sold, 14 percent, NOL's director of corporate finance Cedric Foo said. Foo said the core container transportation activity achieved a 16 percent rise in liftings but overall container freight rates were flat for first half 1999. "The financial turnaround has began but I am not satisfied because afterall, we are talking about a net loss before non-recurring items," Flemming Jacobs, NOL's chief executive officer said.


Teekay Tankers' Q2 2013 Loss Attributed to Charter Market Changeover

A Teekay tankship in Suez transit: Photo courtesy of Teekay Tankers

Teekay Tankers Ltd. report an adjusted net loss of $6.3 million, or $0.08 per share, for the quarter ended June 30, 2013, compared to adjusted net income attributable to shareholders of Teekay Tankers of $0.9 million, or $0.01 per share, for the same period in the prior year. Teekay explain that the increase in adjusted net loss attributable to shareholders of Teekay Tankers is primarily the result of the change in employment of certain of the Company's vessels from fixed rates to lower spot


Navios Announce Delivery of Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels,  has announced  that the Nave Capella, a new building MR2 product tanker vessel of 49,995 dwt, was delivered from a South Korean shipyard on July 9, 2013. The Nave Capella has been chartered out to a quality counterparty for one year at a rate of $13,825 net per day.   Navios Acquisition also announced: •    Delivery of the Nave Pulsar


Asia Tankers-VLCC Rates Fall on Reduced Demand

MidEast VLCC rates fall nearly 30 Worldscale points this week; port congestion in Basra, China adding to market uncertainty. Freight rates for very large crude carriers (VLCCs) may drift lower next week on weaker sentiment among owners and reduced chartering demand ahead of the release of May's Middle East loading programme, brokers said on Friday. Rates plunged this week from a two-week high hit on April 1 on slower chartering activity that is expected to extend into next week.


Asia Tankers-VLCC Rates Slide

File Image: a large crude carrier transits the Suez Canal (credit: Suez Canal)

VLCC rates fall $10,000 in a week on dearth of cargo; demand fundamentals still appear favourable - Teekay CEO. Freight rates in Asian trades for very large crude carriers (VLCCs) are likely to slide further next week as charterers drip feed fixtures to dampen freight rates, ship brokers said on Friday. "I rather think charterers will play the same game as they have the last couple of weeks - fixing older tonnage and limiting cargoes as they try to squeeze freight rates


Omega Navigation Q2 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30, 2009, Omega Navigation reported total revenues of $16.7 million and Net Income of $3.4 million, or $0.23 per basic share, excluding a loss related to the termination of a purchase agreement


NOL Reports Half Profit of $1M

The tough economic situation and business environment has not prevented Neptune Orient Line from first half profits, as the company announced $11 million profits (albeit down 78 percent from 1H 2000 profits) on revenues of $2.3 billion (up 6 percent from 1H 2000 revenues.) In summarizing his company's results, Flemming R. Jacobs, NOL Group president and CEO, said "We have achieved much. We came from a difficult past and we are on the right track to return to full health


Asia Tankers-VLCC Rates Rising on Weather, Volume

A VLCC transits the Suez Canal (file image: Suez Canal Authority)

MidEast VLCC rates jump by almost $13,000 a day; Basra cargos could increase daily rates by $9,000. Freight rates on Asian routes for very large crude carriers (VLCCs) are set to climb higher next week as unloading delays and weather-related port congestion in China tighten vessel supply on strong chartering activity, brokers said on Thursday. "The market is pretty hot. I don't think rates will climb into the sky, but there is a little bit more upside


TEN Delivers Aframax Tanker

Image: Daewoo Mangalia Heavy Industries

 Tsakos Energy Navigation (TEN Ltd) has announced the delivery of the Aframax crude tanker "Thomas Zafiras" from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million.   This is the second vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates.   


Omega Navigation Takes Delivery of Tanker

Omega Navigation Enterprises, Inc. (has taken delivery of its second Panamax (LR1) double hull product tanker, the Everhard Schulte, to be renamed the Omega King. The Omega King is a Panamax (LR1) double hull product tanker of 74,999 deadweight tons (dwt), built by Hyundai Heavy Industries, South Korea in 2004. The acquisition was funded by in part from the net proceeds of the Company's initial public offering and debt under a senior secured credit facility provided by HSH-Nordbank AG.


Tanker with Disputed Kurdish Oil Reappears off Malta

The Neverland tanker has reappeared off the coast of Malta after going off radar near Canada on June 30, when it was chartered by oil trader Vitol carrying Iraqi Kurdish crude oil, Reuters ship-tracking showed on Friday.   The tanker had been heading to eastern Canada to discharge the cargo


VLCC Outlook Brightens Slightly

file Image: CREDIT EuroNav

Rate correction likely after low S-Oil charter drags market.   Freight rates for very large crude carriers (VLCCs) could see a small respite next week, building on the slight improvement seen in the last two days although sentiment is likely to remain pessimistic of any real recovery


Asia Tankers-VLCC Rates Under Pressure on Oversupply

File Image: CREDIT EuroNav

Charterers set to split VLCC cargoes if owners push rates higher.   Freight rates for very large crude carriers (VLCCs) are coming under pressure from a build up in ships waiting for new charters and depressed rates in smaller tanker sizes, brokers said on Friday.  


Diana Time Charter with Maersk and CMA CGM

Photo: Diana Containerships Inc

 Diana Containerships has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Maersk Line A/S for one of its Post-Panamax container vessels, the m/v Puelo, for a period of minimum eight months to maximum 18 months. 


Firmer MidEast, WAfrica Sentiment Supports VLCC Rates

File Image (CREDIT: AdobeStock / (c) Carabay)

Middle East rates helped by fewer old vessels; about 96 MidEast cargoes fixed, 25 to come.   Freight rates for very large crude carriers (VLCCs) could rise next week on firm sentiment in the Middle East and West Africa markets but higher oil prices and fewer floating storage opportunities


Dryships Time Charter Contract for Newcastlemax Vessels

Image: DryShips Inc

 DryShips Inc., a diversified owner of ocean going cargo vessels, announced that it has entered into a time charter with a major coal and steel trader for its fourth and last of its 206,000 dwt Newcastlemax drybulk vessels.   The contract has a duration of about one year


DryShips VLGC Commences Time Charter

DryShips Inc., an owner of ocean going cargo vessels, announced that on June 29, 2017, its first very large gas carrier (VLGC) commenced its time charter on a fixed rate with five years firm duration to an oil major.   The charterer has options to extend the firm employment period by up to


Asia Tankers-VLCC Rates Flat as Old and New Ships Compete

File Image (CREDIT: AdobeStock / (c) Carabay)

MidEast-Asia rates likely to remain flat until August; paper derivative trades show no uptick until October.   Freight rates for very large crude carriers (VLCCs) are likely to remain flat next week, a situation that could well last until August, brokers said on Friday.  


Concordia Charters Out P-MAX Tanker

Concordia Maritime said it has signed a contract to charter out the P-MAX tanker Stena Paris to “one of the world’s largest oil and gas companies.” The contract is for one year, with an option for a further year, and runs from July 2017 to July 2018.  


Asia Tankers-VLCC Rates Supported by Floating Storage

File Image: Credit Suez Canal Authority

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.  


Diana Shipping in Time Charter Contract for Clio with Phaethon

M/v Clio. Photo:  Diana Shipping Inc

 Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Clio.    The gross charter rate is US$8,550 per day


Statoil, AET Expand Shuttle Tankers Contract

The shuttle tanker Eagle Barents currently on charter for Statoil from AET. (Photo: Statoil)

Statoil ASA and petroleum and chemical tanker owners and operator AET are extending their partnership in the North Sea shuttle tanker sector. Statoil has, awarded a long-term contract to AET, a subsidiary of Malaysian energy shipping group, MISC Berhad


Shipping Confidence Climbs to Three-year High

© Sergey Evsyukov / Adobe Stock

Shipping confidence reached its equal highest rating in the past three years, according to the latest Shipping Confidence Survey for the three months to end-May 2017 from international accountant and shipping adviser Moore Stephens.  


NORDEN Adds Another MR Tanker

A NORDEN MR product tanker (Photo: NORDEN)

 Denmark based NORDEN said it has purchased a seven-year-old Japanese-built MR product tanker, its second vessel acquisition within a month.   The purchase follows the acquisition of a 2009-built MR product tanker to be named Nord Pearl.  


Diana Signs Time Charter with Hudson

M/V Protefs. Photo: Diana Shipping Inc.

 Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hudson Shipping Lines Incorporated, for one of its Panamax dry bulk vessels, the m/v Protefs.   






 
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