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Teekay Tankers Post Loss in Q2 2012

Teekay Tankers Ltd. reports results for the three months ended June 30, 2012, pays out reduced dividend compared to Q1. Excerpts from the quarterly report follow: In June 2012, Teekay Tankers completed the previously announced acquisition from [parent company] Teekay Corporation of 13 double hull conventional tankers, including seven crude oil tankers and six product tankers. "After the completion of our 13-vessel acquisition from Teekay Corporation in June, we continue to focus on managing employment of our significantly expanded fleet to achieve the right balance of downside protection through fixed-rate coverage and upside through spot market exposure," commented Bruce Chan , Chief Executive Officer of Teekay Tankers. Mr. Chan added, "Through this period of seasonal and cyclical spot tanker market weakness, Teekay Tankers remains financially well-positioned with over $386 million of available liquidity and no significant debt maturities until 2017." Reportedly crude tanker rates softened during the second quarter of 2012 due to a combination of tanker supply growth, reduced tanker demand and seasonal factors. According to the International Energy Agency, global oil demand declined by 0.6 million barrels per day (mb/d) during the second quarter due to refinery turnarounds in both the Atlantic and Pacific basins.


Seatrade Award for Intertanko

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Intertanko’s Tanker Officer Training Standards (TOTS) initiative has won the Seatrade Award for the category of Investment in People which recognizes a significant contribution to the recruitment, training, retention and advancement of the industry’s most valuable asset, its people. Launched in April 2008 during intertanko’s Istanbul Tanker Event, TOTS is a core competency-based training system for tanker officers which aims to raise the bar over and above the minimum


Bergesen Agrees to Sell Four Tankers To Frontline Consortium

Norwegian shipping group Bergesen said on Friday it had made an preliminary agreement to sell four tankers to a consortium led by tanker operator Frontline. Bergesen said in a statement the deal, which included two tankers and contracts to build two new tankers, would give the company a profit of about $42 million. The sales price of the two tankers was $164 million, while the new contracts had a total value of $157 million, it said.


ASRY Fixes 3 Large Tankers

There are currently three large tankers under repair at Bahrain’s Asry – the 284,889 dwt VLCC Al Samidoon and the 285,117 dwt VLCC Al Shuhadaa, both owned by Kuwait Oil Tanker Co (KOTC), the 305,783 dwt ULCC Orion Star, owned by Vela International, and the 238,898 dwt VLCC Progress, owned by Greece’s Dynacom. Other ship currently under repair include the 13,143 dwt tanker UVO XX, PNSC’s 99,358 dwt tanker Shalamar, Odfjell’s 37,221 dwt tanker Bow Clipper, the 44,954 dwt tanker QUDS B7


Scorpio Tankers' Latest Newbuilding News

Tankship: Photo courtesy of Scorpio Tankers

Scorpio Tankers Inc.  says it has reached an agreement with an unrelated third party to purchase an MR product tanker that is currently under construction at SPP Shipbuilding Co., Ltd. of South Korea. The purchase price of the vessel is $37.1 million with delivery expected in September 2014. In addition Scorpio Tankers reports that it recently took delivery of two MR product tankers, STI Dama from SPP and STI Olivia from Hyundai Mipo Dockyard of South Korea


Tankers Versus Bulkers

Graph: Clarksons Research

 It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000/day range, says a Clarksons study. But the market remains nervous.   This tanker pick-up coincided with a slump in dry bulk earnings, which is interesting because on paper bulkers and tankers both seem to have surplus capacity. So why are tankers doing so much better than bulkers?  


Tanker Demand Forecast

McQuilling Services has recently published its bi-annual Tanker Market Outlook which forecasts freight rates for all tanker sectors on the main routes through 2008. Tanker Demand The demand for tankers is a derived demand, being driven by the demand for oil where the latter is directly related to the level of regional and global economic activity. Oil is expected to remain the dominant energy source for the world through 2025 and overall demand growth has been projected by the U.S


Chembulk Announces New Leadership

Chembulk Kings Pointweb.jpg

It has been about fours months since the deal was sealed for PT Berlian Laju Tanker to acquire  Chembulk Tankers—the 21st Century Chemical Tanker Company, and the vision of the acquisition is being realized.  The addition of 19 new chemical tankers, coupled with the strong Chembulk management team, results in an organization that  boasts the third largest stainless steel chemical tanker company in the world


NASSCO to Build Additional Tanker for APT

General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics (GD), has entered into a contract with an affiliate of American Petroleum Tankers (APT), a wholly owned subsidiary of Kinder Morgan Energy Partners, L.P. (KMP), for the design and construction of an additional 50,000 deadweight ton LNG-conversion-ready product carrier with a 330,000 barrel cargo capacity. Construction is scheduled to begin the fourth quarter of 2015, with delivery scheduled for the second quarter of 2017


Kinder Morgan Buys Four Newbuilding Resales

Photo Aker Philadelphia Shipyard

  Kinder Morgan, Inc. is expanding its growing fleet of Jones Act product tankers having signed a definitive agreement valued at an all-in price of $568 million with Philly Tankers LLC to take assignment of contracts for the construction of four, new 50,000-deadweight-ton, Tier II tankers to be constructed at the Aker Philadelphia Shipyard in Philadelphia, Pennsylvania. The transaction requires approval of shareholders holding 80 percent of the shares of Philly Tankers AS


Weak Gasoline Prices Prompts US-bound Tanker to Alter Course

A tanker of gasoline en route to New York Harbor from Europe has been diverted to a Caribbean storage hub because a narrow window of opportunity for shipping profitably to the U.S. East Coast appears to have shut, traders said.   At least 16 tankers carrying some 600


Iran's Crude Exports Dip to 14-month low

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

Iran's crude exports to hit 14-month low; May exports to total 1.66 mln bpd in May.   Iran's crude oil exports are set to hit a 14-month low in May, a person with knowledge of the Middle Eastern country's tanker loading schedule said, suggesting the country is struggling to raise exports


Concordia Maritime Charters Two MR Tankers

Concordia Maritime has signed a contract for the chartering of two IMO2/3 class MR tankers. This a joint chartering arrangement with Stena Weco, and Concordia Maritime’s share amounts to 50 percent. The contract is for one year, and the charters run from June and July 2017.


Global Deliveries Sending Out Mixed Signals

Graph: Clarkson Research Services Limited

 Despite the shipbuilding industry being under great pressure, global deliveries have exhibited some resilience and increased in 2015 and 2016 in dwt terms, says a report by Clarksons Research.   However, due to the multi-cyclical nature of shipping


A Glimmer of Hope for Asia Dirty Tankers

© Igor Groshev / Adobe Stock

 As we enter Q2 2017, Asia’s crude tanker market finds itself flooded with a flurry of newbuilds that hit the water over the last quarter. According to Lloyd’s List Intelligence, new tonnage delivered hit 15m dwt in Q1 and is expected to stand at 8.7m dwt in Q2


PDVSA Readies Armada of Fuel Imports

About a dozen tankers are sailing to Venezuela or waiting offshore to discharge cargoes after state-run oil company PDVSA ramped up tenders to buy gasoline and other fuels to offset its weak refining output, according to traders and Thomson Reuters data.  


Euronav VLCC Aground near Indonesia

 MT Alex, a very large crude carrier (VLCC) owned by Belgian tanker company Euronav Ship Management ran aground in Java Sea.   The DWT 299,446 vessel, in laden condition, was sailing between Borneo and Sumatra on its way to Ningbo, China under load of crude oil


Iraq Completes Basra Oil Jetty Repairs

Repair work at a Basra oil jetty damaged by a tanker collision last month were completed on Sunday, two officials at state-run South Oil Company told Reuters on Monday.   Crude exports from the Basra terminal were not affected by the collision that happened on March 24


Minerva Selects Ecochlor BWTS for up to 30 Vessels

Image: Ecochlor

Ecochlor, Inc. informs it has signed an agreement with Minerva Marine, Inc. for the potential supply of ballast water treatment systems (BWTS) for up to 30 vessels under its management for installations in accordance to the International Maritime Organization (IMO) and U.S


Sovcomflot Holds PDVSA Oil Hostage over Debts

Venezuela's state-run oil company, PDVSA, sent a tanker in October to the Caribbean with the expectation that its cargo of crude would fetch about $20 million - money the crisis-stricken nation desperately needs.   Instead, the owner of the tanker


FSL Aframax Tanker Enters Teekay RSA

FSL Hong Kong (Photo: FSL Trust)

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), announced that the Trust has agreed to employ the 115,000 DWT Aframax crude oil tanker FSL Hong Kong, post dry docking, in the Teekay Group Revenue Sharing Agreement (RSA).


Banned at Sea: Venezuela's Crude-stained Oil Tankers

File photo (© Jose Gil / Adobe Stock)

In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters.   The vessel is among many that are constantly contaminated at two major export terminals where they


Ektank Chem Tankers to Sport Hybrid Propulsion

 The Switch has received an order from WE Tech to deliver its permanent magnet (PM) shaft generators for Ektank AB’s two 18,600 dwt chemical tankers currently under construction. Photo copyright: FKAB Marine Design

The Switch received an order from WE Tech to deliver its permanent magnet (PM) shaft generators to two 18,600 dwt chemical tankers currently under construction for Sweden’s Ektank AB. Sweden's Ektank AB is family-owned with a modern fleet of five chemical tankers in size ranging from 13


Stena Imagination Named in Dubai

Carl-Johan Hagman, Chairman of the Board, Stena Bulk; Jin Lichao, Vice President, GCI; Godmother Lourdes Torgersen, Jan Torgersen, Zhang Dalei, Deputy Director of European Department, CSTC; Li Hongmei, Deputy Director of Business Development, GSI; Erik Hånell, President and CEO, Stena Bulk. (Photo: Silverbullet)

The MR tanker Stena Imagination was named in the Port Rashid Terminal in the heart of Dubai.   According to Erik Hånell, President & CEO of Stena Bulk and CEO of Stena Weco, “Naming the Stena Imagination in Dubai is very much a strategic choice


BW Group Delivers First VLCC TO DHT

Photo: BW Group

DHT Holdings, Inc. said it has taken delivery of the DHT Utik, the first of 11 very large crude carriers (VLCC) acquired from BW Group Limited in exchange for DHT's shares. The delivery was made despite a last-minute effort by rival oil tanker firm Frontline to prevent the deal that will bring






 
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