MOL Adds VLCC 'Phoenix Jamnagar' to Fleet
Japanese logistics major Mitsui O.S.K. Lines (MOL) announced, the delivery of a Very Large Crude Carrier (VLCC), "Phoenix Jamnagar" on April 24, which was built at Japan Marine United Corporation (JMU) Ariake works and will be placed under control of Phoenix Tankers (Phoenix) based in Singapore, a 100% subsidiary of MOL.The vessel was designed and developed by JMU as a next-generation Malacca Max Type VLCC with utilizing its accumulated knowledge and technology as gained through…
Bahri Adds New VLCC Khurais
National Shipping Company of Saudi Arabia (Bahri) has taken delivery of Khurais, a very large crude carrier (VLCC), from Korean Hyundai Samho Heavy Industries (HSHI). Industry leader adds fourth VLCC this year, bringing its total number of vessels to 92,further enhancing its market-leading capabilities in crude oil transportation. The new addition is the fourth of five VLCCs to be received this year from South Korea-based Hyundai Samho Heavy Industries (HSHI), the world’s largest shipbuilding company.
Euronav, Gener8 Maritime Merger to Close in 2Q 2018
Tanker operators Euronav NV said that it remains confident of closing a takeover of the U.S.-based provider of international seaborne crude oil transportation services Gener8 Maritime in the next three months. On 21 December 2017 the boards of Euronav and Gener8 Maritime announced agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 pursuant to which Gener8 would become a wholly-owned subsidiary of Euronav (the Combined Entity). "Work on the transaction is proceeding as planned with an anticipated closing in the second quarter of 2018…
Gener8 Maritime Reports 4Q Loss of $45.4 mln
The New York-based Gener8 Maritime Inc. (GNRT) reported a loss of $45.4 million for the fourth-quarter ended December 31, 2017, after reporting a profit of $5.8 million in the same period a year earlier. The crude oil transportation services provider reported a loss of $168.5 million for the year ended December 31, 2017. Gener8 Maritime has increased full fleet "ECO" operating days to 65.1% in the three months ended December 31, 2017, compared to 43.4% in the same period in the prior year.
Bahri Adds VLCC 'Lawhah' to its Fleet
The National Shipping Company of Saudi Arabia (Bahri) received a very large crude carrier (VLCC) named “Lawhah” on Thursday, the company said. "Continuing its strong start to 2018, Bahri accepted the delivery of ‘Lawhah to further cement its market-dominant position in crude oil transportation," said a press release. The vessel, which lifts the total number of the company’s multipurpose fleet to 90, is the second of five VLCCs to be received this year from Hyundai Samho Heavy Industries (HSHI), the world’s largest shipbuilding company based in South Korea.
Gener8 Miltiades Delivered
Gener8 Maritime, Inc. a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Miltiades on October 25, 2016 from Shanghai Waigaoqiao Shipbuilding Co. Ltd. ("SWS"). The Gener8 Miltiades represents the sixteenth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Miltiades entered Navig8 Group's VL8 Pool. The Gener8 Miltiades is the sixth "ECO" VLCC delivered by SWS to Gener8 Maritime, concluding our newbuilding program with the yard.
Two VLCCs Delivered to Gener8 Maritime
Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of two very large crude carriers (VLCC). The Gener8 Perseus was delivered September 9, 2016 from Hyundai Heavy Industries Co., Ltd., and the Gener8 Oceanus on September 12, 2016 from Hyundai Samho Heavy Industries Co., Ltd. Upon delivery, both tankers entered Navig8 Group's VL8 Pool. The two new tankers represent vessels 14 and 15 of 21 "ECO" VLCCs ordered for the Gener8 Maritime fleet. The shipper has on order four more VLCCs anticipated for delivery in 2016 and two for 2017.
VLCC Delivered to Gener8 Maritime
Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it has taken delivery of the ECO VLCC the Gener8 Macedon on August 30, 2016 from Hyundai Samho Heavy Industries Co., Ltd. The Gener8 Macedon represents the 13th of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Macedon entered Navig8 Group's VL8 Pool.
Sovcomflot Profits slip
Reviewing the company’s financial and operating results for the first half year ended 30 June 2016, on 23 August 2016, the Executive Board of PAO Sovcomflot (“SCF Group”) noted that despite a tanker market downturn, the company was able to demonstrate strong performance and strengthen its financial position while continuing to enhance its industrial projects portfolio in accordance with its Development Strategy. * Five new vessels launched: pioneering 172,600 m3 capacity ice breaking LNG carrier (Arc7 ice class) for Yamal LNG project (January)…
VLCC Delivered to Gener8 Maritime
Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27, 2016 from Hyundai Samho Heavy Industries Co. Ltd. The Gener8 Constantine represents the 11th of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Constantine entered Navig8 Group's VL8 Pool.
VLCC Gener8 Nautilus Delivered
Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the ECO VLCC the Gener8 Nautilus on April 20, 2016 from Hyundai Samho Heavy Industries Co., Ltd. The Gener8 Nautilus represents the ninth of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Nautilus entered Navig8's VL8 Pool.
Euronav Reports: Tanker Market is "Full Steam Ahead"
Euronav NV (NYSE: EURN) this morning issued a release to set the record straight with investors, from its perspective, on current market conditions in the large tanker market. According to Euronav, despite the current capital market's predominantly negative sentiment , Euronav said that it continues to experience robust and fundamental strength in the VLCC and Suezmax sectors. The average daily time charter equivalent rates (TCE) obtained by the company’s fleet in the tankers International pool in the fourth quarter 2015 was approximately $62,000 per day (4Q14: $31,650/day). The time charter equivalent earnings of the Euronav Suezmax spot fleet was above $40,000 per day for the fourth quarter 2015 (4Q14: $24,250 per day).
Keel Laid for Lead Ship of Arctic Tanker Series
A keel laying ceremony was held Monday at Korea’s Samsung Heavy Industries Co., Ltd. for the first of six ships in the project 42К Arctic Shuttle Tanker series. The six tankers in the series will be named after the famous Russian explorers of the Arctic, including participants to the Great Northern Expedition of the 18th century. The ships are being built to the dual Russian Maritime Register of Shipping / Lloyd’s Register class. Sovcomflot (SCF Group) is the owner of three tankers of the series.
Gener8 Maritime Acquires ECO VLCC
Gener8 Maritime, Inc. involved in international seaborne crude oil transportation services, today announced that it took delivery of the ECO VLCC Gener8 Neptune from Daewoo Shipbuilding & Marine Engineering on September 11, 2015. The Gener8 Neptune represents the first of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Neptune will be entered into Navig8's VL8 Pool.
Sovcomflot Reports “Strong Start” for Q1 2014
Russian shipping company Sovcomflot, a global top-five tanker company, reported its financial results for the first quarter of 2014. The company, which offers crude oil, refined petroleum products and liquefied gas transportation services, recorded a “strong start” with highlights as listed below. •Successful completion by SCF Group’s company, Novoship, of modernization at the Port of Sochi for 2014 Winter Olympic Games. Sergey Frank, President and CEO of OAO Sovcomflot, said, “Following five years of recession, the tanker market is showing the early signs of a long overdue recovery.
Maersk Continues Exit from Crude Transport
Maersk Tankers, a unit of A.P. Moller-Maersk, said on Thursday it had quit four unprofitable crude oil charter contracts by buying out supertankers and selling them onwards, continuing its exit from crude oil transportation. The company now has charters for just two supertankers, called Very Large Crude Carriers (VLCCs), although the intention is to get out of these contracts too, Maersk Tankers spokeswoman Stine Pedersen said. Buying the vessels from their owners allows Maersk to exit the charter contracts.
Kirby Announces 2Q Results
Kirby Corporation (NYSE: KEX) announced net earnings attributable to Kirby for the second quarter ended June 30, 2011 of $41.7 million, or $.77 per share, compared with $29.3 million, or $.54 per share, for the 2010 second quarter. The 2011 second quarter results included an estimated $.07 per share negative impact from high water and flooding issues throughout the Mississippi River System. Consolidated revenues for the 2011 second quarter were $437.3 million compared with $273.7 million reported for the 2010 second quarter. Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "Our second quarter results reflected continued…
Nordic American Tankers Ltd. Reachs Out to Shareholders
Nordic American Tankers Ltd. Letter to Shareholders From the Chairman and CEO - NAT Is Different. It is time to update you on recent developments in the Company and our industry. As we have stated before, it is at times of difficulty for the industry that NAT in particular improves its position relative to its peers. We believe that important factors differentiate NAT from other tanker companies. A professional management and board with wide experiences and complementary skill sets…
Teekay Acquires Spanish LNG and Oil Shipping Company
Teekay Shipping Corporation has entered into a definitive agreement to acquire Naviera F. Tapias S.A. Teekay has also entered into an agreement with the shareholders of Tapias to establish a 50/50 joint venture that will pursue new business in the oil and gas shipping sectors, focusing specifically on the Spanish market. The Tapias acquisition will establish Teekay's presence in LNG shipping, one of the fastest growing sectors of sea-borne energy transportation. It will position the Company as a key supplier of LNG shipping to Spain, the world's third largest importer of LNG, and provide a strategic growth platform for Teekay. As a major provider of crude oil transportation to Spain, the acquisition of Tapias will also extend Teekay's leading position in the crude oil tanker sector.
Biggest Spenders of 2015
Online ships data platform VesselsValue.com has rounded up the top spenders in terms of second hand tonnage for the first half of 2015. Leading the industry in total amount spent on second hand tonnage so far in 2015 is U.S.-based Gener8 Maritime, who spent roughly $1.4 billion on 14 vessels. The seaborne crude oil transportation services company formed earlier this year as result of a merger between General Maritime Corporation and Navig8 Crude Tankers Inc. Second in spending was the Malaysian headquartered tanker shipping group MISC who spent about $1.065 billion on five second hand vessels.
General Maritime-Genmar Defiance Update
General Maritime Corporation (NYSE:GMR) announced that a jury in the Southern District of Texas federal court returned guilty verdicts against two vessel officers of the Genmar Defiance, one of the company's wholly-owned Aframax vessels, and GMM Portugal, a subsidiary of the company, on two counts for violating the Act to Prevent Pollution from Ships and 18 USC 1001, respectively, in connection with an investigation and trial previously reported by the company relating to potential failures by shipboard staff to properly record discharges of bilge waste during the period of November 24, 2007 through November 26, 2007. The company intends to appeal the guilty verdicts and to make motions for a judgment of acquittal and a new trial.
GMR Combines with Arlington Tankers
General Maritime Corporation (GMR) announced that Historic General Maritime and Arlington Tankers Ltd. have completed their combination to form public company to be known as General Maritime Corporation (formerly known as Galileo Holding Corporation). In accordance with the terms of their merger agreement, Historic General Maritime and Arlington each became wholly-owned subsidiaries of General Maritime. All outstanding shares of both companies were exchanged for shares of General Maritime. Arlington shareholders are entitled to receive one share of General Maritime common stock for each share of Arlington common stock they held immediately prior to the effective time of the combination…
Delivery of Crude Carriers VLCC
Crude Carriers Corp. (NYSE: CRU) announced that on March 26 it took delivery of the M/T Alexander the Great, a very large crude carrier (VLCC) with carrying capacity of 297,958 mt, from Universal Shipbuilding Corporation at the Ariake Shipyard in Japan. The M/T Alexander the Great is the first of the three vessels comprising the company's initial fleet and was acquired at a purchase price of $96.5m. The remaining two vessels, the M/T Miltiadis M II, a 2006-built high specification Suezmax tanker and the M/T Achilleas, a sister newbuilding VLCC currently under construction at Universal Shipbuilding Corporation in Japan, are expected to be delivered within the next few days and at the end of June 2010, respectively.