Crude Oil Tanker News

11 Jun 2019

Gagarin Prospect Wins Award

Photo: Sovcomflot

Gagarin Prospect, an LNG-fuelled Aframax crude oil tanker owned and operated by Sovcomflot (SCF Group), has won Next Generation Ship Award 2019, which was announced at Nor-Shipping 2019.President & CEO of Sovcomflot Sergey Frank has received the award from Norwegian Minister of Trade and Industry Torbjørn Røe Isaksen in the presence of His Majesty King Harald V of Norway.With a focus on innovation, the Next Generation Ship Award honors the most promising design for ships that will be at sea in the coming decade…

16 May 2019

Tanker Rates Firming Up: Frontline

Pic: Frontline Management AS

The middle of the first quarter in 2019 saw tanker rates firming significantly, driven mainly by an increase in US exports, said Frontline Ltd. is the world's largest oil tanker shipping company.The tanker market pulled back in January due to OPEC production cuts and a high level of newbuilding deliveries after a strong end to 2018, it said.The market then came off primarily due to extended refinery maintenance in preparations for IMO 2020 and both new and persistent supply disruptions.Atlantic…

14 May 2019

World Suezmax Fleet Counts 514 Vessels

Pic: Nordic American Tankers Limited

The world Suezmax fleet (excl. shuttle, product & Jones Act tankers) counts 514 vessels at the end of 1Q2019, said Nordic American Tankers (NAT).The total delivery during 2018 was 28 vessels, said a report by the  international tanker company."For 2019 we expect a similar number of vessels as in 2018, and in 2020 we currently see 22 vessels scheduled for delivery. During 2018, 21 Suezmax vessels were scrapped," it said.According to the report, the world economy is enjoying its strongest upswing since 2010.

01 May 2019

VLCC Sector Resilient, Says Euronav

Pic: Euronav

First quarter 2019 proved to be an unusual and largely resilient one for the large crude tanker sector, said Euronav NV, the largest NYSE listed independent crude oil tanker company in the world.The OPEC production cuts of 1.2m bpd announced in Q4 2018 impacted Q1 trading and represents around 3% of the crude which is seaborne each day.Nearly 30  very large crude carriers (VLCC) equivalents were delivered to the global fleet during the same period – an increase of 3% in fleet…

15 Apr 2019

BIMCO: US Seaborne Crude Oil Exports Hit Record High

ULCC_AdobeStock_CREDIT Jose Gill

US exports of crude oil have, since August 2018, continued to rise every month, with a new record high in January of 9.6 million tonnes. Exports rose in January on the back of increased sales to Europe, which rose from 2.7 million tonnes in December to 4.8 million tonnes in January.A strong end to 2018 meant that volumes for the full year totalled 87.4 million tonnes, 96.7% higher than the 44.4 million tonnes exported in 2017. This is good news for the crude oil tanker sector…

07 Apr 2019

New Aframax Tanker Makes First N. American Call

The crude oil tanker ProStar discharges jet fuel at Port Canaveral’s North Cargo Berth 2. CEO Capt. John Murray, left, and Seaport Canaveral General Manager David Smith, right, present plaques to ProStar Capt. Alexander Ivanishvili. (Photos: Canaveral Port Authority)

The Aframax tanker ProStar recently made its first North American delivery to discharge 442,131 barrels of jet fuel at Seaport Canaveral."820-foot-long ProStar – first of its kind vessel to berth at Port – makes its inaugural North American delivery of transportation fuels to Seaport Canaveral," the Canaveral Port Authority announced in a statement.Built in 2018, the 144-foot-wide ProStar has a crew of 23 and a summer dead weight tonnage of 115,000 tons.Port Canaveral cargo operations…

28 Feb 2019

Frontline Predicts Tanker Market Volatility

Pic: Frontline

The tanker market improved significantly in the fourth quarter ended December 31, 2018 driven by continued strong oil demand, said Bermuda-based tanker shipping company Frontline Ltd.According to the world's largest oil tanker shipping company, crude inventory draws reversed in the quarter, after having fallen below five-year levels and reduced the demand for crude tankers in the process.There is a historical correlation between inventory cycles and tanker rates, it said. Crude…

20 Feb 2019

Valles Orders New Tanker from SHI

Photo: Valles Steamship

The Hong Kong and Vancouver-based shipowner Valles Steamship has ordered a new 112,000 dwt crude oil tanker from South Korea’s Sumitomo Heavy Industries Marine & Engineering (SHIME).Ship set to be fitted with a scrubber and will enter the market before the end of 2020, said a release from Valles, which was founded by C.S. Koo in Shanghai as a family business in 1917."We take great pleasure in concluding a newbuilding contract with the esteemed yard and the we look forward to further strengthening their relationship with SHIME…

16 Jan 2019

Euronav Sells Felicity for FPSO Conversion

Image: Euronav

Belgium's crude oil tanker company Euronav NV announced that it has sold the Suezmax vessel Felicity (2009 – 157,667 dwt) to a global supplier and operator of offshore floating platforms.The vessel has been delivered to her new owners and will be converted into an FPSO and therefore leave the worldwide trading fleet.The buyer's name and financial terms are not disclosed. However, the NYSE-listed company revealed that a capital loss on the sale of approximately USD 3.0 million will be recorded in Q4 2018.The cash generated on this transaction after repayment of debt will be USD 21.1 million…

06 Jan 2019

DHT Holdings Moves co-CEOs from Oslo to Singapore

Pic: DHT Holdings, Inc

VLCC owner DHT Holdings announced that its Co-CEOs have relocated to Singapore. The relocation follows changes in the tax law in Norway from 2019 for tax residency of companies formed outside of Norway.The crude oil tanker company said that the new legislation takes into account the place of daily management as well as the place of management and control on board level. The Company's tax residency will remain unchanged in Bermuda.The Company's office in Singapore will hold senior management…

04 Dec 2018

DHT Holdings Bets on Scrubbers

Image: DHT Holdings

Bermuda-based crude oil tanker company DHT Holdings plans to fit exhaust gas cleaning systems on two thirds of its very large crude carriers (VLCCs) to comply with the impending 2020 sulphur cap.The oil tanker owner-operator said that the retrofit program encompass 16 ships built between 2004 and 2012, representing the ships within our fleet that stands to gain the greatest economic benefits. Additionally, the two newbuildings delivered from Hyundai Heavy Industries this year had scrubbers installed…

03 Dec 2018

Zvezda Cancels Tender to Import South Korean Ship Parts

(File photo: Sovcomflot)

Russia's new far eastern Zvezda shipyard has cancelled a tender to import key parts for a crude oil tanker from South Korea's Hyundai, RIA news agency reported on Monday, citing a database of state purchases.Kommersant newspaper had reported that Zvezda issued a tender to import a stern, bow sections an anchors for an Aframax crude oil tanker ordered by Rosneft despite an earlier plan to construct the tanker at the shipyard.The Zvezda shipyard, which is being built by a consortium of oil giant Rosneft…

06 Nov 2018

US Crude Oil Exports to China Stalled

© Igor Groshev / Adobe Stock

The development that saw no U.S. seaborne exports of crude oil to China in August has continued into September, according to BIMCO. This is despite crude oil not being a part of the ‘official trade war’.“The trade war between the U.S. and China is now impacting trade in both tariffed and some un-tariffed goods with both countries looking elsewhere for alternative buyers and sellers,” said Peter Sand, BIMCO’s Chief Shipping Analyst.“Ton mile demand generated by total U.S. crude oil exports has risen 17 percent from August to September…

22 Oct 2018

Gagarin Prospect Performs Ship-to-Ship LNG Bunkering

Gagarin Prospect. Pic: PAO Sovcomflot

The large-capacity Aframax tanker "Gagarin Prospect", owned by Russia's SCF Group,  successfully implementated  construction and operation commencement  using LNG as the primary fuel.Konstantin G. Palnikov, Director General of Russian Maritime Register of Shipping, participated in a protocol event dedicated to this project.This pioneered the expansion of LNG fuel into the global shipping industry, for large-capacity ships not tied to fixed routes or set timetables.The specialized LNG bunkering ship Cardissa…

21 Oct 2018

NGO Shipbreaking Platform Slams Gadani Yards

Shipbreaking Workers Union and NTUF jointly organized a protest rally in Gadani against the increase in accidents and the closure of the yards. Pic: NGO Shipbreaking Platform

A tanker caught fire at the Gadani shipbreaking beach that holds a deplorable record of life threatening accidents on 11 October.Fortunately, no casualties were recorded. Only a few days later, on 14 October, yet another oil tanker named KRITI (IMO 9270737) caught fire, this time injuring seven workers, three of which are in a critical condition.The Platform has reported a series of accidents following the catastrophic explosion that killed at least 29 workers and injured 58 on the 1st of November 2016. Since then, there have been at least five more fires caused by unsafe cutting operations.

25 Sep 2018

DHT Holdings Gets $50mln for Scrubber Retrofit Project

File Photo: DHT Holdings

The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings announced that it has secured commitment to a $50 million financing for its earlier publicized scrubber retrofit project, subject to final documentation.The financing is structured through an increase of the existing $300 million secured credit facility entered into in the second quarter of 2017. The increased facility will bear the same interest rate equal…

19 Aug 2018

DHT Holdings Raises Fresh Funds

Photo: DHT Holdings

The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings has reached agreements to exchange existing convertible notes due 2019.DHT Holdings has entered into separate, privately negotiated exchange agreements with certain holders of its outstanding 4.5% Convertible Senior Notes due 2019  to exchange approximately $67.5 million aggregate principal amount of the Existing Notes for approximately $74.2 million aggregate principal amount of the Company's new 4.5% Convertible Senior Notes due 2021.

09 Aug 2018

Euronav Updates on Gener8 Merger

Image: Euronav

The acquisition of Gener8 resulted in the recognition of a gain on bargain purchase on business combination of USD 36.3 million being recorded in the consolidated statement of profit or loss in the second quarter, says Euronav.The largest NYSE listed independent crude oil tanker company in the world said that it booked a gain on bargain purchase as a result of the Net Assets acquired being higher than the consideration paid.Paddy Rodgers, CEO of Euronav said: "Completion of the…

07 Aug 2018

Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading

Art Regan, Executive Chairman, Genco Shipping & Trading. (Photo: Genco)

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

27 Jul 2018

FPSO La Noumbi on Track for Q3 Delivery

Photo: Keppel Offshore & Marine

Keppel Offshore & Marine said its Keppel Shipyard subsidiary is on track to deliver a floating production storage and offloading vessel (FPSO) to Dixstone holdings, an affiliate of the Perenco Group, on time in 3Q 2018.The FPSO, named La Noumbi at Keppel Shipyard today, will be deployed to the Yombo field operated by Perenco off the Republic of the Congo, Africa. It will be capable of producing 12,000 barrels of oil per day (bopd), processing 120,000 barrels of water per day and storing 762…

30 May 2018

Tanker Market Grappling with More Uncertainty

© Thor Jorgen Udvang / Adobe Stock

Tanker shipping: Added uncertainty is not helpful to the struggling tankersDemandJust when you thought it could not get any worse for the tanker shipping industry, the U.S. is reimposing sanctions on Iran coming into force after a six months wind-down period ending on November 4, 2018. The immediate effects are less tangible but sure to add more uncertainty to the whole shipping industry that has plenty of uncertainty to deal with already.At the same time, freight rates for both crude oil tankers and oil product tankers are mostly in loss making territory.

28 May 2018

Concordia Maritime Charters Three Suezmax with Stena Bulk

Photo: Concordia Maritime

As a further step in fleet positioning ahead of the gradually stronger market that is expected, Concordia Maritime has decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea in the period 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the successful Stena Sonangol Suezmax Pool. Concordia Maritime's share in the vessel charters is 50%.

25 May 2018

Concordia Boosts Tanker Biz

To prepare for a gradually strenghthening tanker market, Concordia Maritime decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea between 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the Stena Sonangol Suezmax Pool. Concordia Maritime’s share in the vessel charters is 50%. The contracts also include a profit-sharing clause with the contractual partner. “We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards.

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