Gagarin Prospect Wins Award
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…
Gazprom, Sovcomflot Pact on LNG Bunkering
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…
Adnoc's Fleet to Add 25 Vessels
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…
WinGD: Strong 1Q 2019
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.
VLCC Market Remains Strong in Q1: Hunter
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…
BIMCO: US Seaborne Crude Oil Exports Hit Record High
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…
Sovcomflot Orders Three LNG-fueled Tankers from Zvezda Shipyard
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.
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…
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.
FSL Trust Pact with Heidmar’s Sigma Pool for Two Vessels
Singapore-based FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust announced a new pool agreement for the two LR2 vessels, 2006 built and each 109,672 DWT, FSL Piraeus (ex-Torm Margrethe) and FSL Perth (ex-Torm Marie), which have recently returned from their bareboat charters and have now been renamed.The Trust has established a new business relationship with Heidmar as these vessels enter into the Sigma Pool.Heidmar Inc, founded in 1984, is one of the world’s leading commercial tanker operators with a fleet of approximately 80 ships…
DHT Holdings Moves co-CEOs from Oslo to Singapore
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…
Rosneft Orders Two Oil Tankers from Zvezda Shipyard
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…
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.
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…
Ronald Reagan Carrier Strike Group Visits South Korea
Task Force 70 Public Affairs (NNS) - The Ronald Reagan Carrier Strike Group arrived in Busan for a port visit, Oct. 21. The aircraft carrier USS Ronald Reagan (CVN 76) with embarked staff of Commander, Task Force (CTF) 70, Destroyer Squadron (DESRON) 15 staff and Carrier Air Wing (CVW) 5, and the guided-missile destroyers USS Stethem (DDG 63) and USS Chafee (DDG 90) pulled into Busan after participating in Maritime Counter Special Operations Force Exercise (MCSOFEX) 2017. The focus of the bilateral training exercise was to increase the readiness of U.S.
SeaCURE Gains Korean Exposure
Evoqua Water Technologies’ partnership with Krosys was strengthened with the unveiling of a SeaCURE Ballast Water Treatment System during the Kormarine 2017 exhibition in Busan, South Korea. The electrochlorination unit (ECU) skid showcases the Korean engineering company’s competence in building, installing and commissioning Evoqua’s high-end ballast water treatment technology in the Korean newbuild and retrofit markets. The development represents another success for both companies…
U.S. Commerce Chief Ross Reportedly Divests Shipping Interests
According to a Reuters report, U.S. Commerce Secretary Wilbur Ross has divested his interests in oil tanker company Diamond S Shipping and is in the process of selling off his holdings in another shipping firm, Navigator Holdings, a Trump administration official said earlier this week. Ross had originally intended to retain his shipping interests following his confirmation in February. But the 79-year-old investor came under criticism after disclosures on Sunday that one of Navigator's major clients is the Russian gas company Sibur…
Cosco Energy Transportation to Buy New Tankers
Cosco Energy Transportation has entered into the Agreements with Dalian Shipbuilding Industry Company Limited for the construction of the Very Large Crude Carriers (VLCCs) and the Suezmaxs. The total consideration for the construction of the VLCCs and the Suezmaxs is RMB 3.67 billion (USD 88.5 million). The consideration is determined by reference to the market price of crude oil tankers ranging in sizes from 280,000 to 320,000 dead weight tons and 150,000 to 160,000 dead weight tons respectively during the past 6 months.
Frontline Calls for Consolidation among Oil Tanker Firms
The global market for crude oil tankers remains too fragmented and needs consolidation among owners, one of the industry's leading companies said on Wednesday. Oslo-listed Frontline, the oil shipping arm of billionaire investor John Fredriksen, also said the market for crude carriers is expected to remain weak until the second half of 2018. "The tanker market is highly fragmented with many owners who have one or two vessels," Frontline Chief Executive Robert Hvide Macleod told analysts in a conference call.
Guangzhou Shipyard Bags Order for Seven Tankers from Cosco Shipping
Cosco Shipping Energy Transportation (CSET) has placed an order for seven more ships at compatriot Guangzhou Shipyard International Company Limited (GSI), owned by CSSC Offshore & Marine Engineering Company Limited. The order will include two 64,900 dwt crude oil tankers, two 109,900 dwt LR2 vessels and three 114,000 dwt crude tankers, totaling in an investment worth approximately USD 323 million (RMB 2.14 billion.). Expected delivery dates for the two 64,900 dwt panamax crude tankers are on or before 29 February 2020 and 31 May 2020, respectively.
Capital Product Partners Buys Aframax
Capital Product Partners has announced that its Board of Directors has approved the acquisition of the eco-type crude tanker ‘Aristaios' (112,800 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding, S. Korea) for a total consideration of $52.5 million from the Partnership's sponsor, Capital Maritime & Trading. The M/T ‘Aristaios' is currently employed under a time charter to Tesoro Far East Maritime Company (‘Tesoro') at a gross daily rate of $26,400. The Tesoro charter commenced in January 2017 with duration of five years +/- 45 days.
FSL Trust Sells Vessel to Trim Debt
FSL Trust Management, as trusteemanager of First Ship Lease Trust (FSL Trust), announces that the Trust has sold its chemical tanker, FSL Tokyo, for a cash consideration of US$13.8 million. FSL Tokyo is a 2006, Japanese-built, 20,938 DWT chemical tanker that has been deployed in the spot market. The net proceeds from this Disposal will be applied in full to the outstanding loan facility in 1Q2018. FSL Trust will record a related impairment charge of approximately US$9.0 million in 4Q2017.
First Ship Lease Trust Narrows Q4 Loss
First Ship Lease Trust, Singapore-based business trust which owns a fleet of vessels across major shipping sub-sectors, narrowed its fourth-quarter loss to US$33.87 million, down 19.9 per cent, despite lower revenue posted for the period. FSL Trust Management (FSLTM),, as trusteemanager of First Ship Lease Trust, said that the revenue for the three months ended Dec 31 was S$19.90 million, 14.2 per cent lower compared to a year ago as contributions from vessel charters fell.