Crude Oil Tankers News

05 Nov 2019

Maritime History & the Panama Canal

Grace Lines COLOMBIA transit of Panama Canal. Source: U.S.Merchant Marine Academy Maritime Museum.

The Panama Canal is a strategic crossroads for maritime traffic, and is arguably one of the most important maritime developments in the past century. Here we take a deeper dive into the history behind that famous strip of waterway.The present canal, which saw its first vessel transits in 1914, along with possible alternatives through Nicaragua and Mexico, had actually been on the minds of merchants, explorers and military/political strategists since the Age of Exploration in early 1500’s.

17 Oct 2019

Tanker Deliveries Up 37%: BIMCO

Graph: BIMCO

Delivered tonnage of crude oil tankers have grown by +37%, whereas total fleet demolitions for 2019 have slumped to the lowest in a decade with a reduction of 52% from the year before, says BIMCO, the largest of the international shipping associations representing shipowners.Newbuilding orders have remained low through the year with contracted tonnage down by 48%, it said.Amidst a market filled with uncertainty and geopolitical unrest, BIMCO maintains its bearings and turns to the market fundamentals to cut through the mist of market speculation and uncertainty-driven hype.

08 Oct 2019

SHI to Build Six Giant Box Ships for Evergreen

Pic: Samsung Heavy Industries

South Korean  shipbuilding giant Samsung Heavy Industries (SHI) has signed shipbuilding deals for Taiwanese shipping line Evergreen’s latest ultra-large containerships, valued at a total of USD 920 million.SHI said that  the order was placed for the construction of six of the world’s largest container ships, world’s largest smart, Eco-friendly mega-ships, with a capacity of 23,000 TEUs, by May 2022. SHI said these newbuildings will be 400 m long, 61.5 m wide, 33.2 m high. Size-wise…

08 Oct 2019

Disruptions to Global Shipping Industry Explained

AdobeStock / © Kasto

Oil shipping rates are soaring following a series of sanctions on a Chinese transportation giant and limitations placed on movement of Venezuelan crude oil tankers.WHAT HAS HAPPENED TO SHIPPING RATES?The cost of chartering a supertanker to send crude oil from one country to another is rising sharply. A South Korean importer paid more than $12 million in shipping costs for one crude shipment from the U.S. Gulf Coast. This was followed by Friday's tentative charter of another crude…

30 Sep 2019

Bloom Energy, Samsung to Design Electric Ships

 Image: Bloom Energy

California-based Bloom Energy, the provider of stationary fuel cells, has announced a collaboration with South Korean shipbuilder Samsung Heavy Industries (SHI), to design and develop ships powered by Bloom Energy’s solid oxide fuel cell technology.SHI aims to be the first shipbuilder to deliver a large cargo ship for ocean operation powered by fuel cells running on natural gas. Such an innovation will play a key role in helping the company exceed the 50 percent emissions reduction target…

04 Sep 2019

Sovcomflot's LNG-Fuelled Tanker Navigates NSR

The bridge team of Korolev Prospect: Oleg Shishkin, the master (left), and Vasily Yermakov, an ice advisor (right). Photo: Sovcomflot

Korolev Prospect, Sovcomflot's LNG-fueled Aframax crude oil tanker, completed a commercial voyage along the Northern Sea Route (NSR).The Russian maritime shipping company specializing in petroleum and LNG shipping said in a press release that for the first time in the history of shipping, a large-capacity oil tanker has crossed the full length of the NSR using only cleaner-burning LNG fuel.The voyage from Cape Zhelaniya to Cape Dezhnev took 7 days and 6 hours to complete, during which the tanker covered a distance of 2…

30 Aug 2019

Sovcomflot's LNG-fueled Tanker to Cross NSR

Korolev Prospect is being berthed for bunkering with LNG at the Port of Rotterdam. Image: SCF Press Service

Sovcomflot’s LNG-fuelled Aframax crude oil tanker Korolev Prospect has started a transit through the Northern Sea Route (NSR).Korolev Prospect will become the first such large-capacity crude oil tanker to travel the entire length of the Northern Sea Route using only cleaner-burning LNG fuel.The tanker is delivering a cargo of crude oil from the port of Murmansk to China. The journey along the NSR, from Cape Zhelaniya to Cape Dezhnev, will take about eight days, with vessel moving at the expected average speed of 12 knots.While transiting from the Laptev Sea to the East Siberian Sea…

27 Aug 2019

BIMCO: US Crude Exports Soar in June 2019

Chart: BIMCO

The highest US crude oil exports to China in 11 months lifted total seaborne US crude oil exports to a record high at 11.9 million (m) tonnes in June 2019. Also contributing to the June record was South Korea, as exports to the other main Far Eastern buyer reached an all-time high volume of 2.3m tonnes.1.2m tonnes were shipped to China between June 1, and  June 30, , up from 1m tonnes in May and worlds apart from no exports at all in the months of August through October in 2018…

21 Aug 2019

Shell Charters LNG-Powered Tanker Fleet

World’s first LNG-powered crude oil tanker (courtesy of SCF Group)

Shell Tankers (Singapore) Private Ltd has agreed a long-term deal to charter a fleet of 10 LNG dual-fuel Aframax crude oil tankers from Sinokor Petrochemical Co Ltd, which expects to take delivery of them from Samsung Heavy Industries in South Korea in 2021."Shell has agreed to charter a fleet of new liquefied natural gas (LNG)-fueled crude oil and products tankers, as part of its drive to decarbonise shipping," said a press note.Separately, Shell has agreed long-term charters for four new LNG dual-fuel oil products tankers, from institutional investors advised by J.P.

13 Aug 2019

DHT Holdings Bags 3-Year Time Charter

Pic: DHT Holdings

Bermuda-based crude oil tanker company announced that  it has entered into a three year time charter with a leading refining company for one of its 2012 built very large crude carriers (VLCC).The charter will commence after the vessel completes a scrubber retrofit in the fourth quarter of this year, said the New York-traded company.The time charter has a base rate of $30,000 per day with all earnings up to $37,500 to DHT following a profit sharing structure that includes scrubber…

10 Jul 2019

Sovcomflot New LNG Tanker Cuts 30% CO2

Gagarin-Prospect-Sovcomflot-Green-Funnel-Tanker. Photo distributed by  Nor Shipping 2021

Russian shipping company PAO Sovcomflot (SCF Group) has achieved significant CO2 emission cuts since taking delivery of the first of its “Green Funnel” LNG-fueled Aframax crude oil tankers last year.PAO Sovcomflot (SCF Group) has accumulated data showing that using LNG as a primary fuel for these large-capacity tankers enabled a 30 per cent reduction of CO2 emissions compared with similar vessels powered by traditional heavy fuel. This reduction exceeds the original design target values.Igor Tonkovidov…

21 Jun 2019

BIMCO: VLCC Freight Rates from Gulf to China Doubles

Chart: BIMCO

VLCC spot freight rates between the Arabian Gulf and China rose 101% in the days between June 13, 2019 and June 20, 2019, in the aftermath of attacks on two tankers in the Strait of Hormuz. Spot freight rates for a VLCC, carrying 2 million barrels of oil, between the Arabian Gulf and China reached USD 25,994 per day on June 20, their highest level since March and significantly above the May average of USD 9,979 per day.Despite this increase, freight rates on this route only narrowly exceeds the daily break-even costs of a VLCC…

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…

02 Jan 2019

Sovcomflot Orders Three LNG-fueled Tankers from Zvezda Shipyard

File Image / AdobeStock / © Burnel11

On December 28, 2018, Sovcomflot (SCF Group) placed an order at Zvezda shipbuilding complex for construction of three new generation product carriers that use cleaner-burning LNG fuel as their primary fuel.Three MR-class vessels will have a deadweight (DWT) of 51,000 tonnes each. They will transport petroleum products and gas condensate and will be chartered to Novatek under long-term time charter agreements. Each tanker will have an ice class of 1B, enabling safe operations in areas with challenging ice conditions, including the Baltic.Using LNG fuel enables to significantly reduce emissions.

21 Feb 2019

Adnoc's Fleet to Add 25 Vessels

Photo: Adnoc

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, a member of Abu Dhabi's Executive Council and Supreme Petroleum Council and Chairman of the Abu Dhabi Department of Transport, inaugurated the latest addition to Adnoc Logistics & Services' shipping fleet.The Abu Dhabi-based provider of shipping, maritime, port, logistics and oil field services said that the acquisition of the 2,850 TEUs large feeder vessel, Al Reem 1, brings Adnoc L&S's fleet to 123 vessels.Adnoc L&S revealed its plan to acquire its first crude oil tankers…

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…

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…

11 Sep 2018

Rosneft Orders Two Oil Tankers from Zvezda Shipyard

A previously delivered vessel of the same class of Green Funnel tankers (Courtesy SCF Group)

Russian oil company Rosneft announced it has ordered two Aframax crude oil tankers to be built at Russia's far eastern Zvezda shipyard for scheduled delivery in 2022.The Russian-flagged vessels will have a deadweight of 114,000 metric tons and a 1A/1B ice class, which makes them able to operate in icy conditions year round, including in sub-Arctic seas and Russian ports of the Baltic region, said Russian shipping company PAO Sovcomflot (SCF Group).According to the documents, Arctic Leasing will place orders for construction of the two Aframax tankers at the shipyard…

17 Feb 2019

Ecochlor Wins BWMS Contract with ATC

Alaskan Tanker Company (ATC) will retrofit the Ecochlor ballast water management system (BWMS) on board their fleet including three VLCC crude oil tankers and an option for one additional vessel. Each of these vessels are U.S. flag tankers with Zone 1 and Zone 0 hazardous areas.The Ecochlor BWMS is approved for installation in both US Flag and International vessels in hazardous areas rated Zone 1 or Zone 0 through their U.S. Coast Guard Type Approval certification. The installations will start in the fall of 2019 and run through 2021 at the Sembawang Shipyard…

18 Apr 2019

WinGD: Strong 1Q 2019

WinGD's X92DF engine. Image: WinGD

As the clock ticks toward January 1, 2020 and the implementation of strict new emission regulations from the International Maritime Organization, WinGD is reporting a solid order intake for the first quarter of 2020 for their low-pressure, dual-fuel two-stroke engines, powered by a newbuild order spree of LNG carriers specifying WinGD’s XDF engines. In addition, WinGD reports a broadening range of vessel types are selecting dual fuel solutions, including Chemical & Crude Oil Tankers, Asphalt Carriers and Container Feeders.

31 May 2019

VLCC Market Remains Strong in Q1: Hunter

Pic: Hunter Group

The very large crude carriers (VLCC) market market was relatively strong in Q1, with VLCC earnings averaging USD 29,000/day an increase of close to USD 20,000/day versus Q1’18, said Norway's Hunter Group ASA.High USG activity was the main contributor to the rate increase, said the company focusing on shipping and oil services investments.However, rates have dropped significantly towards the end of Q1 due to amongst other things; continued OPEC+ production cuts, heavy refinery maintenance ahead of IMO 2020…

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…

11 Jun 2019

Gazprom, Sovcomflot Pact on LNG Bunkering

Image: Sovcomflot

Russian shipping company Sovcomflot and compatriot oil producer Gazprom Neft Marine Bunker have signed an agreement to cooperate on projects for bunkering ships with LNG fuel.The agreement was signed by Igor Tonkovidov, Executive Vice President and CTO/COO of Sovcomflot, and Andrey Vasiliev, CEO of Gazprom Neft Marine Bunker.Sovcomflot said that the agreement reinforces the mutual interest of both parties regarding their cooperation in the bunkering of Sovcomflot’s tankers with LNG fuel.Compared to conventional marine fuels…

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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