Large Crude Carrier News

01 Nov 2019

Hunter Group Takes Delivery of 3rd VLCC

Image: Hunter Group

Norwegian investment company Hunter Group said that its wholly owned subsidiary Hunter Tankers has taken delivery of its third newly built very large crude carrier (VLCC) and subsequently delivered it to its new owner.The new VLCC with hull number 5457, built by South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME), was handed over on October 31 in accordance with a Memorandum of Agreement signed in June 2019. All funds have been transferred and the transaction is complete, the company informed in a press note.On 19 October 2019, Hunter Tankers took delivery of “Hunter Saga” (NB No.

18 Oct 2019

Exxon, Trafigura Tap Lower Freight Rates

A VLCC loads crude oil in the port of Corpus Christi, TX (File image / credit Port of Corpus Christi)

U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as rates slid and the premium in Asia for Russia's ESPO Blend oil sent buyers back to U.S. grades, according to market sources.Oil shipping costs for United States Gulf Coast to Asia cooled this week from record highs on the prospect of more vessels becoming available. Nearly 300 oil tankers globally were placed off limits due to U.S. sanctions on Iran and Venezuela.Seventeen supertankers returned to service in October after being sidelined for overhauls, as 11 entered drydocks.

17 Oct 2019

GTT Intros Several Advances in LNG Tech

Image by Gaztransport & Technigaz with courtesy of STX, Engie, Excelerate, SCF Group, Shell, CMA CGM, Matthieu Pesquet

French multinational naval engineering company Gaztransport & Technigaz (GTT) announced several advances in its technology development process.The American Bureau of Shipping classification society issued the "LNG Cargo Ready" rating to GTT for its latest VLEC (Very Large Ethane Carrier) model, a first in the ethane sector. The rating certifies that the ethane carriers can be used to transport liquefied natural gas without having to convert the ship's tanks.GTT also received approval…

16 Oct 2019

COSCO VLCC Wins Temporary Sanction Relief

File Image / AdobeStock / © Jose Gill

A supertanker owned by COSCO Shipping Tankers (Dalian) has received a temporary waiver from U.S. sanctions that has allowed the ship to discharge crude oil cargoes, a source with direct knowledge of the matter said on Wednesday.The Very large crude carrier (VLCC) Coswisdom Lake, which discharged some crude in Singapore last week, offloaded its remaining oil at Brunei on Wednesday, shipping data on Refinitiv Eikon showed.The sanctions will resume after the cargoes are discharged, the source said.Sanction waivers were also being sought for a very large crude carrier carrying U.S.

16 Oct 2019

Partners Developing LNG-fueled VLCC

© Carabay / Adobe Stock

Partners involved in a new joint development project (JDP) have set out to design a very large crude carrier (VLCC) that will run on liquefied natural gas (LNG) fuel.Lloyd's Register (LR), China Merchants Energy Shipping Co., Ltd. (CMES), CNOOC Gas and Power Group, Dalian Shipbuilding Industry Co., Ltd. (DSIC), and GazTransport and Technigaz SA (GTT) have teamed up to evaluate design options for an LNG-fueled VLCC that uses a prismatic GTT Mark III membrane LNG tank. The scope of the JDP includes reviewing solutions to minimize construction costs for LNG-fueled ships…

14 Oct 2019

SPII Holdings Finalizes Acquisition of DryShips

File Photo: DryShips

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.In connection with the completion of the transaction…

11 Oct 2019

U.S. Sanctions Bite; Traders Shun 300 Tankers

AdobeStock / © Jose Gill

Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia."Freight rates are going through the roof and people are getting very nervous with the cost of shipping…

10 Oct 2019

COSCO VLCC Discharges at Exxon's Singapore Facility

A supertanker owned by a subsidiary of COSCO Shipping Tanker (Dalian), which is under United States sanctions for alleged transportation of Iranian oil, has docked in Singapore to discharge its Middle East crude cargoes, shipping data on Refinitiv Eikon showed on Thursday.Coswisdom Lake, a very large crude carrier capable of holding 2 million barrels of oil, docked at Exxon Mobil Corp's terminal on Jurong Island late on Wednesday.Coswisdom Lake is owned by Pan Cosmos Shipping & Enterprises Co, which is a fully owned subsidiary of COSCO Dalian, according to a document issued by Cosco Shipping Energy Transportation on Oct. 1.Reporting by Florence Tan, Shu Zhang and Roslan Khasawneh

08 Oct 2019

Oxy Books Supertanker for a Record $13.25 Mln

© Ken Scott / MarineTraffic.com

Occidental Petroleum Corp provisionally chartered a supertanker to ship U.S. crude to South Korea for a new record of $13.25 million in November, three shipping sources familiar with the matter said on Monday.The Very Large Crude Carrier (VLCC) Maran Andromeda was chartered by Occidental on Friday for an estimated November 20 departure, according to one shipbroker and Refinitiv Eikon shipping data.Global shipping rates, and in particular U.S. Gulf Coast to Asia, have skyrocketed after the United States in late September imposed sanctions on two units of China's COSCO…

07 Oct 2019

Occidental Tentatively Fixes VLCC for Record $13.25 mln to Asia

File Image: the M/V Maran Andromeda (Credit: MarineTraffic.com / © Ken Scott)

Occidental Petroleum Corp provisionally chartered a supertanker to ship U.S. crude to South Korea for a new record of $13.25 million in November, three shipping sources familiar with the matter said on Monday.The Very Large Crude Carrier (VLCC) Maran Andromeda was chartered by Occidental on Friday for an estimated Nov. 20 departure, according to one shipbroker and Refinitiv Eikon shipping data.Global shipping rates, and in particular U.S. Gulf Coast to Asia <TD-LPP-SIN>, have skyrocketed after the United States in late September imposed sanctions on two units of China's COSCO…

04 Oct 2019

VLCC Rates Surge as U.S. Sanctions COSCO

File Image: AdobeStock / © Carabay

Freight rates to ship U.S. crude to Asia continued to surge, with costs to charter a supertanker rising to a record $12 million on Thursday, shipping sources familiar with the matter said.South Korea's top refiner, SK Energy, tentatively chartered the supertanker Maxim to ship U.S. crude to South Korea in November for a record $10 million earlier in the week but that fixture has since failed, the sources said.The company now has conditionally booked the Pacific M at a new record of $12.35 million…

18 Sep 2019

IMI Shipyard Inks VLCC Order with HHI

IMI & Bahri L-R: Mr. Fathi K. Al-Saleem, Chief Executive Officer, IMI Eng. Abdullah Aldubaikhi, Chief Executive Officer, Bahri. Photo: IMI

Saudi Arabia’s International Maritime Industries (IMI) has signed a vessel purchase agreement (VPA) with the National Shipping Company of Saudi Arabia (Bahri) and a subsequent sub-contract agreement with South Korean shipbuilder Hyundai Heavy Industries (HHI) to build one very large crude carrier (VLCC).Hyundai Heavy will transfer architectural designs and related technological know-how for the building of very large crude carriers (VLCCs) to IMI. It will build one 319,000 DWT…

05 Sep 2019

Euronav to Store Low-Sulfur Oil

Pic: Euronav

The crude oil tanker company Euronav has purchased a total of 420,000 metric tons of compliant fuel oil and marine gasoil so far, the company revealed as it detailed its IMO 2020 sulfur cap plans. In aggregate the purchase value of very low sulfur fuel oil (VLSFO) has been at $447 per metric ton compared to a bunker price (HFO-3.5% Sulfur content) of $400 per metric ton over the same procurement period.According to the Belgium shipping company, the oil is currently aboard a ultra large crude carrier (ULCC) Oceania, a vessel built in 2003, and will soon be on its way to Singapore.

29 Aug 2019

Okeanis Adds Fifth New VLCC

Pic: Okeanis Eco Tankers

Greek shipping company Okeanis Eco Tankers (OET) has taken delivery of Nissos Donoussa, a very large crude carrier (VLCC) newbuild.The Alafouzos family-owned firm said that Nissos Donoussa has commenced trading in the spot market.The 319,000 dwt ship has been delivered by South Korean shipbuilder Hyundai Heavy Industries (HHI).In April 2019, OET was granted an option by the Alafouzos family to acquire two Suezmax newbuilding vessels to be constructed at Hyundai Heavy Industries with expected delivery dates in the third quarter of 2020.The option secures a right for the tanker company…

27 Aug 2019

FLNG Project Count Hits 20

(Photo:Shell)

Finance — or at least project economics based on long-term commodity prices — appear to be factors limiting a surge in investments in floating liquefied natural gas (FLNG) a new study by U.S.-based numbers cruncher, World Energy Reports, revealed Monday.Among a growing count of floating producers in the planning stage, some are destined to become FLNG, increasingly the go-to solution discussed for producing stranded or remote gas. WER’s report writers detail the status of known…

20 Aug 2019

SPII Holdings Acquires DryShips

File Photo: DryShips

The dry bulk shipping company based in Athens DryShips Inc. will be acquired by SPII Holdings Inc. a company controlled by George Economou, under which SPII will acquire the outstanding shares for $5.25 per share in cash, without interest.As previously disclosed, DryShips is to be merged into a subsidiary of SPII Holdings, a company controlled by DryShips’ chairman and CEO George Economou.The deal is expected to close in the fourth quarter of 2019. The $5.25 per share price represents…

09 Aug 2019

China Fixes First U.S. Crude Cargo Since Latest Tariff Threat

File Image: A VLCC loads alongside in the port of Corpus Christi, Texas (CREDIT: Port of Corpus Christi, Texas)

Chinese oil trader Unipec chartered a supertanker to ship U.S. crude to China in September, trading sources said, the first such cargo since U.S. President Donald Trump announced additional tariffs on Chinese import, ending a monthlong trade truce.Unipec, the trading arm of state refiner Sinopec , has fixed the Very Large Crude Carrier (VLCC) Anne to load U.S. crude in mid-September, according to a shipbroker and Refinitiv Eikon data. VLCCs are capable of transporting about 2 million barrels of crude.Unipec has three other vessels…

07 Aug 2019

Euronav Sells VLCC for FPSO Conversion

Image courtesy: Euronav

Belgium-based crude oil tanker company Euronav NV has sold its oldest very large crude carrier (VLCC) for conversion into a floating production storage and offloading (FPSO) vessel.The ship owner announced that its subsidiary Euronav Luxembourg has sold the VLCC vessel VK Eddie (2005 – 305,261 dwt) to a global supplier and operator of offshore floating platforms.A capital gain on the sale of approximately USD 14.4 million will be recorded during the current quarter, it said.The…

26 Jul 2019

Singapore's Ocean Tankers tests IMO-2020 Compliant Fuel

Image Credit: AdobeStock/ © 14KTGold

Off the coast of Singapore, the world's largest ship refuelling centre, a bunker barge sidled next to the supertanker Pu Tuo San to fill the giant vessel with a new type of fuel that will meet global standards that start up in January.With a little over five months left until stricter marine fuel rules come into effect, shippers such as Singapore's Ocean Tankers that own the very large crude carrier (VLCC) Pu Tuo San have started testing out lower sulphur fuel to prepare their…

23 Jul 2019

FPSO Liza Destiny Sets Sail for Guyana

Liza Destiny (Photo: Guyana Department of Public Information)

The very first production vessel destined for operations offshore Guyana has departed Singapore en route to the ExxonMobil-operated Stabroek block off the northeastern coast of South America.The Liza Destiny floating, production, storage and offloading (FPSO) vessel is expected to arrive in September ahead of first oil planned in 2020.The FPSO, which was converted from a very large crude carrier (VLCC) at the Keppel Shipyard in Singapore, is designed to produce up to 120,000 barrels of oil per day…

15 Jul 2019

LNG Lucrative for PCTC Newbuilds

Image: SEA\LNG

A recently released study confirms that liquefied natural gas (LNG) as a marine fuel is the most financially effective  for Pure Car and Truck Carriers (PCTC) on Atlantic and Pacific trade lanes.SEA\LNG, the multi-sector industry coalition, created to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel,  has released an independent study showing that LNG as a marine fuel delivers the best return on investment and is a competitive option for newbuild PCTC.Peter Keller…

09 Jul 2019

DryShips Appoints Advisors for Economou Offer

Pic: DryShips Inc.

The dry bulk shipping company  DryShips has appointed financial and legal advisors to help its board members consider George Economou’s non-binding takeover proposal.The Greek ship owner and operator said in media release that its Chairman and Chief Executive Officer, George Economou, has retained Evercore as its financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor.It also have appointed a special committee which is comprised of the independent and disinterested directors: George Kokkodis (Chair)…

28 Jun 2019

Bahri Orders First VLCCs from IMI

Photo: Bahri

Bahri, the world's largest owner and operator of very large crude carriers, has signed a Memorandum of Understanding (MoU) to build its first very large crude carrier (VLCC) at the International Maritime Industries (IMI) yard in Saudi Arabia.The agreement signed with IMI and Hyundai Heavy Industries (HHI), one of the partners in IMI, sees Bahri committing the new mega-shipyard its first order before the end of July 2019.Following the placing of the order, IMI will engage HHI as a sub-contractor to build the vessel in South Korea.

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