Benchamas FSO: InterMoor Completes Work
InterMoor has completed work for the installation of the new Floating Storage and Offloading (FSO) facility Benchamas 2 (FSO Benchamas 2). Previously, the Benchamas Explorer FSO, owned and operated by Chevron, was installed in 1999 in Block B8/32 in the Gulf of Thailand. The FSO began initial production in 1999 and after operating the facility for almost 20 years, Chevron decided to replace the aging facility with the new FSO Benchamas 2. The new floating facility FSO Benchamas 2 was delivered by MISC Berhad…
Concordia Maritime Charters Three Suezmax with Stena Bulk
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%.
Euronav Updates on Gener8 Merger
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…
DHT Holdings Gets $50mln for Scrubber Retrofit Project
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…
FPSO La Noumbi on Track for Q3 Delivery
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…
DHT Holdings Raises Fresh Funds
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.
Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading
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.
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.
Tanker Market Grappling with More Uncertainty
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.
Tanker Shipping: Is the Oil Market Rebalancing or Not?
The one key factor to watch is the one thing that’s impossible to measure accurately on a global scale, oil stocks. Global stocks for both crude oil and oil products rose significantly following the sharp fall in crude oil prices in the second half of 2014. But while this may seem to be in the past, it is still haunting the oil market and the oil tanker market. Demand in the tanker market is below normal levels and will only increase once the global oil stocks have been reduced.
Frontline Hopes to Sail through Weak Tanker Market
Frontline Management said tanker markets are likely to remain weak for the next few quarters due to overcapacity. The market for Frontline's tankers will likely begin to improve in 2018, it said, as the pace of deliveries of new vessels slows and older ships are retired from the global fleet. While the weak market naturally affects our earnings in the short term, the company's strategy is not altered. "We continue to take proactive steps to increase the earnings potential of our…
DVB Bank Losses on Shipping
DVB, the specialist in international shipping finance, reported a consolidated net loss before taxes of EUR 506.3 million in the first six months of 2017 (previous year: net income of EUR 14.1 million). Given persistent oil price uncertainty, oil and gas companies have continued to reduce their exploration and production spending, which has further curtailed demand for offshore vessels and equipment. Shipowners remain under pressure from low charter rates and competition for employment.
Frontline Posts Q3 Loss as Tanker Rates Hit 4-year Low
Frontline q3 net loss $24.1 million. The current crude oil tanker rate environment does not presently reflect that strong demand. Shares down 4.8 pct at 0840 GMT vs fall of 0.3 pct in Oslo's benchmark share index.
Jefferies Upbeat on LNG, LPG and Dry Bulk Shippers
Jefferies optimistic on stocks of LNG, LPG and dry bulk shippers With spot rates at 4-year highs, brokerage says, "we believe additional LNG liquefaction terminals will continue to stimulate LNG shipping demand above and beyond LNG shipping supply growth" All shipping sectors to improve through 2018, 2019; "seasonal patience will be required in the dry bulk, refined products and crude tanker sectors" - Jefferies Improvement in global economic conditions and Chinese preference for high-quality dry bulk commodity imports will help dry bulk carriers Refinery capacity additions to
Euronav Inks Fleet-wide VSAT Deal
Antwerp based crude oil tanker company Euronav has signed a deal with Satcom Global for its Aura Ku-Band VSAT service. With Satcom Global Aura on-board, Euronav’s fleet will benefit from a global service that provides guaranteed bandwidth via a generous Committed Information Rate (CIR). The crew will experience significantly enhanced connectivity while business critical applications are supported with ease. During 2017, Euronav undertook a comprehensive series of sea trials using Aura and following excellent results decided to begin a fleet wide rollout of the service.
BIMCO: China Breaks New Ground… Again
Chinese seaborne imports of iron ore, coal and crude oil have all grown strongly throughout 2017. Both seaborne imports of crude oil and iron ore have reached the highest levels ever recorded, while coal reached the highest level in three years. Imports of crude oil and coal have benefitted the shipping industry to the greatest extent as both volumes and distances have increased. China continues to ramp up its imports of iron ore with seaborne imports growing 4.7% in 2017 compared to 2016.
Ship Finance International Bullish on 2018
Ship Finance International announced net income of $20 million and $152 million of total charter revenues for the fourth quarter ended December 31, 2017. The company continued renewal of the fleet with the divestment of an older crude oil tanker vessel, said a press release. It said that improving market conditions led to first profit share income from eight Capesize dry bulk carriers on long term charters. Ole B. "This significantly enhances our financial profile, allowing us to further our focus on growth.
Frontline Shares Jump as DNB Upgrades Tankers to 'buy'
Shares in crude oil tanker firm Frontline jump 10.5 pct to 34.48 crowns. DNB Markets predicts VLCC spot rates set to increase from $22,000 a day in 2018 to $41,000 a day by 2020. On asset values, DNB sees an 11 percent upside to VLCC resale prices by 2019 and 27 percent upside by 2020. DHT, Euronav, Frontline, Gener8 Maritime and Teekay are all upgrade to buy from hold. Share price target in DHT lifted to $5.2 from $4.0, Euronav to $10.7 from $9.0, Frontline NOK 42 from NOK 33 and Gener8 Maritime to $7.4 from $4.9 and Teekay to $1.8 from $1.5.
New Times Shipbuilding Launches Two Aframax for Frontline
On April 2, No.13 and No.14 111,000 DWT Oil Tankers launched successively from NTS drydock, both of which are built for Frontline. New Times Shipbuilding's CEO Liu Haijin and the representatives from the owner and ABS attended the launching ceremony, the company said in its press release. It has updated about the other deliveries in this year. On January 26, 2018, the closing ceremony for No.26 157,500 DWT Crude Oil Tanker was held in Shanghai. "Our Executive General Manger Zhang Yuyong and representatives from Owner Dong-A Tanker attended this ceremony.
BIMCO’s Market Analysis Team Launch Supply Side Graph Section
BIMCO’s Market Analysis Team launches a graph section, where BIMCO members can get an overview of a specific sector and how the supply side of that sector develops. “We have structured the data and made it easily available through our website. In this way our members will follow the most recent developments affecting their core interest. This gives them an unbiased and transparent tool for their decision-making process. The goal is to ease the way to rational strategic business decisions,” says BIMCO’s Chief Shipping Analyst Peter Sand.
Navios Buoyed by JPMorgan Duble Upgrade
Shares of Navios Maritime Midstream Partners jumped more than 15% early Friday morning as JPMorgan upgraded the crude oil tanker operator to "overweight" from "underweight" Stock currently up 13.6 pct at $4.34; top percentage gainer on the NYSE In a Q1 2018 Oil Tankers Earnings preview, Analyst Noah Parquette is more constructive on a 2019 tanker recovery as scrapping boosts supply side and IMO regulations increase demand Regarding NAP upgrade, Parquette cites valuation following distribution cut, believes new distribution level to be sustainable; though trims PT by $1 to $6 On flip side, downgrades sibling co Navios Maritime Acquisition to "underweight" from "neutral" On Mar 26, NAP announced board announced fleet renewal and reset of annual distribution policy to $0.50/unit
Tanker Rescues Castaway in South China Sea
Mitsui O.S.K. Lines, Ltd. announced that on April 14, 2018, the MOL-operated/managed crude oil tanker Altair Trader rescued a castaway in the South China Sea.At 19:10 local time on April 14, while underway in the South China Sea toward the port of Kawasaki, Japan, the Altair Trader noticed a light on the sea surface ahead the starboard and spotted a castaway.The vessel immediately turned around and started rescue operations, and by 20:28 the same day, the survivor was safely rescued.At 22:30 on April 15…
Alfa Laval’s HCO Filter Approved by MAN Diesel & Turbo
The Alfa Laval Moatti 290 filter for hydraulic control oil (HCO) has been approved by MAN Diesel & Turbo on its modern two-stroke engines following validation tests aboard three Stena Bulk IMOIIMAX vessels.The Alfa Laval Moatti 290 filter is a high-performance solution suited to the new generation of MAN Diesel &Turbo two-stroke engines, in which hydraulic control systems have replaced traditional camshafts. The valves of these systems are actuated by a small flow of lube oil, which must be very finely filtered without creating additional pressure drop.