Oil Tanker News

12 Jan 2020

CSMC Takes Delivery of M/T ‘Aitolos’

 Image: Capital Ship Management Corp.

The Greek oceangoing vessel operator Capital Ship Management Corp. (CSMC) took successful delivery of the newbuilding vessel M/T ‘Aitolos’.The 115,000 dwt, eco-type crude oil tanker is built by Daehan Shipbuilding Co., Ltd, S.Korea, said a press note from the ship management services provider.M/T ‘Aitolos’ is the first of two sister ships to be delivered in 2020.Capital Group currently operates a fleet of 78 vessels including 48 tankers (10 VLCCs, 4 Suezmaxes, 7 Aframaxes, 26 MR/Handy product tankers and 1 small tanker)…

06 Jan 2020

Tankers Flock to US as Freight Rates Surge

© DJ / MarineTraffic.com

A flotilla of oil tankers is sailing empty from Europe and the Mediterranean toward the U.S. Gulf Coast to take advantage of surging shipping rates, according to shipping sources and Refinitiv Eikon data on Monday.Eight tankers, an unusually high number, are in the Atlantic and steaming to the United States, with capacity of up to 5.6 million barrels of oil combined, the people said. Freight rates for Aframax vessels out of the U.S. Gulf coast hit record levels last month, drawing…

06 Jan 2020

Britain's Navy to Escort UK Ships Through Strait of Hormuz

(Photo: UK Royal Navy)

Britain's navy will accompany UK-flagged ships through the Strait of Hormuz to provide protection after the U.S. killing of Iranian military commander Qassem Soleimani inflamed tensions in the region.Britain's defence minister, Ben Wallace, ordered the HMS Montrose and HMS Defender to prepare to return to escort duties in the major oil shipping route as Prime Minister Boris Johnson came in for criticism for his silence over the killing.Media reports have said Johnson is on holiday in the Caribbean."The government will take all necessary steps to protect our ships and citizens at this time…

02 Jan 2020

Euronav Sells, Leaseback 3 VLCCs

Image: Euronav

Belgium-based crude oil tanker company Euronav has entered into a sale and leaseback agreement for three very large crude carriers (VLCC) vessels with Taiping & Sinopec Financial Leasing Ltd Co.The vessels were sold for a net en-bloc purchase price of USD 126 million. Under the agreement, Euronav will subsequently enter into a 54-month bareboat charter contract.The three VLCCs are the Nautica (2008 – 307,284), Nectar (2008 – 307,284) and Noble (2008 – 307,284), which were all…

20 Dec 2019

Singapore Jails Tanker Captain in Shell Theft Case

AdobeStock / © Renaschild

The captain of a Vietnamese oil tanker has been jailed for over five years in Singapore for his role in a scheme that saw around $150 million of oil stolen from Shell's biggest refinery over several years.Doan Xuan Than, 47, was sentenced to 66 months in prison on Thursday, a spokesman for the State Courts of Singapore said, becoming the second person jailed in a case that also involves former employees of Royal Dutch Shell who allegedly conspired to siphon oil from the firm's Singapore refinery.The theft…

20 Dec 2019

Shipbuilder Wins $1.13B Orders for 6 Ships

Image: Hyundai Heavy Industries

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has secured orders for a total of six liquefied natural gas (LNG) carriers from European and Asian shipowners, totaling $1.13 billion.The ships - four LNG carriers for a European client and two others for an Asian shipping company - will be installed with a dual-fuel propulsion system to enhance efficiency and reduce toxic gas emissions.Four of the vessels for the European owner will be built by Hyundai Samho Heavy Industries while the remaining two will be built by Hyundai Heavy Industries.According to Yonhap…

20 Dec 2019

First Tanker Built at Baku Shipyard Launched

Image: Azerbaijan Caspian Sea Shipping

President of the Republic of Azerbaijan Ilham Aliyev has attended a ceremony to launch the first tanker built at Baku Shipyard on the order of the Azerbaijan Caspian Sea Shipping Closed Joint-Stock Company (ACSC).The first oil tanker 'Lachin' was built by local specialists on the design of the Odessa Bureau of Marine Engineering. The 7,875-ton tanker is 141 meters long and 16.9 meters wide.The tanker can pass through the Volga-Don canal and has the maximum load capacity. Unlike others…

16 Dec 2019

India: 20 Kidnapped from Tanker off West Africa

Image Credit: © MarineTraffic.com

India's foreign ministry said on Monday that 20 of its nationals had been kidnapped from an oil tanker in West African waters."Our Mission in Abuja has taken up the matter with the Nigerian authorities, as also with the authorities of the neighbouring countries," the ministry said in a statement.It said the vessel was the Marshall Islands-flagged DUKE.The ship's operator Union Maritime wrote on its website that the craft was "attacked and boarded" while carrying fuel oil to the Togolese capital Lome from Angola and that the company was working with relevant authorities to resolve the incident.

13 Dec 2019

Pirates Release Kidnapped Tanker Crew off Togo

The M/V ELKA ARISTOTLE (Credit: © MarineTraffic.com)

Pirates have released three crew taken hostage from a Greek oil tanker off the coast of the West African country of Togo in November, the vessel's manager said on Friday.A fourth hostage, a Filipino, died from illness during captivity, European Products Carriers Ltd added.It did not give details of the release.The tanker, Elka Aristotle, was attacked on Nov. 4 about 18 km (11 miles) from the port of Lome.

11 Dec 2019

Chinese Tanker Spurns Malaysian Inspections

An oil tanker, which shipping data showed was managed by a Chinese company under U.S. sanctions, refused to allow an inspection by maritime authorities while anchored in Malaysian waters, Malaysia's maritime agency said.Silvana III's commercial manager is Kunlun Shipping Co Ltd, according to shipping transparency website Equasis.org.Kunlun is one of several firms placed under U.S. sanctions this year for alleged involvement in transporting oil from Iran.The Malaysian Maritime Enforcement Agency (MMEA) said the Silvana III, which anchored off Kuala Kurau on Malaysia's west coast on Dec. 5, did not follow instructions to drop its ladder to allow officers to conduct checks."After several attempts to instruct the ship to drop ladder were not heeded…

10 Dec 2019

WFW Advises Ridgebury, Tufton on Suezmax Acquisition

Image: Watson Farley & Williams

Watson Farley & Williams, international law firm based in London, advised Ridgebury Tankers and Tufton Oceanic on the acquisition of two Suezmax tankers in a 50%-50% joint venture with Euronav NV who also provided secured debt to the joint venture companies for the purposes of the acquisitions.Last month, Belgium's tanker shipping company Euronav has acquired two Suezmax tankers through a joint venture formed with affiliates of Ridgebury Tankers and clients of Tufton Oceanic.The  two Suezmax tankers fetch a combined consideration of US$40.6m.

05 Dec 2019

Pirates Kidnap 19 Crew from Tanker off Nigeria

© Christin Boggs Peyper / Adobe Stock

Pirates have kidnapped 19 crew members from a crude oil tanker off Nigeria in an area where acts of piracy are on the rise, an official with the ship's operator said on Thursday.The loaded vessel, the Nave Constellation, was attacked 77 nautical miles off Bonny Island on Tuesday and 18 Indians and one Turk from the crew were seized, the official said.Seven other crew members remain on board the vessel. Neither the vessel nor the cargo were damaged, the official said.The shipping…

04 Dec 2019

Norsepower, SWS Complete VLCC Project

Image: Norsepower

Finnish provider of auxiliary wind propulsion systems for ships Norsepower has completed a joint project with China’s Shanghai Waigaoqiao Shipbuilding (SWS) for the development of an energy-efficient dual-fuel 300,000 dwt very large crude carrier (VLCC) design.The design has already received an approval in principle (AiP) from classification societies Lloyd’s Register and ABS.Under the agreement, Rotor Sails were implemented in the VLCC design for improving the fuel efficiency and reducing emissions…

25 Nov 2019

BIMCO: Tanker Shipping and Macroeconomics Outlook

Source: BIMCO, WTO

World growth and trade volumes under pressure, but still positive. A continued slowdown in global growth, as well as a lower trade multiplier will reduce overall demand for shipping for the rest of this year and through 2020.Expectations for global trade growth have also been lowered for 2020; this is now forecast at 2.7%, down from 3%. The WTO cautions that risks to these forecasts are weighted to the downside, with these risks including a potential deepening of trade tensions…

19 Nov 2019

Schottel Enters the Tanker Segment

Photo: SCHOTTEL

Schottel recently received an order to supply two EcoPellers and a bow thruster for installation in a chemical/oil tanker. The tanker will be built at Chinese shipyard Taizhou Kouan Shipbuilding and will be operated by a European owner.The 120 m x 21 m vessel is powered by an electric motor, which is vertically integrated into the azimuth thruster. The propulsion system of the tanker consists of two Schottel Rudder EcoPellers type SRE 460 L FP with an input power of 2,000 kW each and one Schottel Transverse Thruster type STT 170 FP.

15 Nov 2019

Sovcomflot Profits Up on Stronger Tanker Market

Pic: PAO Sovcomflot

Russia's state-owned tanker carrier Sovcomflot (SCF Group) reported improvements on both the top and bottom line in the third quarter benefiting from a stronger tanker market.The energy shipping company posted a net profit of  $26m as revenue increased in the third quarter.Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said: “We are satisfied with the Group’s performance over the third quarter. Sovcomflot steadily follows through on its strategy of increasing the share of large-scale industrial shipping projects in its portfolio."He added: "During the reporting period…

07 Nov 2019

Fire On Board Oil Tanker Off Singapore

A fire broke out onboard the Panama-flagged tanker 'HOYU' within Singapore waters, the Maritime and Port Authority of Singapore (MPA) said in a statement on Thursday.Shipping data in Eikon showed that the tanker was fully laden with an unspecified oil cargo and was bound for the Philippines.The Singapore Civil Defense Force, Singapore Police Coast Guard and the Republic of Singapore Navy deployed vessels to render assistance to the HOYU crew, the statement added.All 18 crew members have been safely evacuated, and the fire has been put out, it said.There were no reports of injury or pollution and shipping traffic was unaffected.MPA is investigating the incident, it said.

04 Nov 2019

Pirates Kidnap Four from Greek Tanker

The ELKA_ARISTOTLE / CREDIT © MarineTraffic.com

Pirates attacked a Greek oil tanker off the coast of Togo in the early hours of Monday and fled after taking four crew members as hostages, the West African nation's navy said, two days after a similar attack in the waters of neighbouring Benin.Of the missing crew members, two are Filipinos, one is Greek and one is Georgian, the navy said in a statement. One security guard was also shot and wounded in the attack, it said."Monday, 4th of November 2019, around 0300, the tanker boat Elka Aristotle was attacked around 18 kilometers (11 miles) from the port of Lome by armed individuals…

21 Oct 2019

Damaged Iranian Tanker Enters Iranian Waters

The Sabiti (CREDIT: MarineTraffic.com / © Peter Lawson)

An Iranian tanker damaged in the Red Sea two weeks ago has entered Iranian territorial waters, the official IRNA news agency reported on Monday, citing information from the National Iranian Tanker Company.The tanker will dock at Kharg Island in two days, the report said.Iranian President Hassan Rouhani said last week that the tanker, the Sabiti, had been hit by at least two rockets, and there is video footage of the incident.The attack was undoubtedly carried out by a government and there would be consequences…

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.

14 Oct 2019

Iran President: Video Footage of Attack on Iranian Tanker

Iran's President Hassan Rouhani said an Iranian tanker damaged in the Red Sea on Friday had been hit by at least two rockets, and there is video footage of the incident.Iranian authorities reported that the Iranian-owned oil tanker, the Sabiti, was struck off Saudi Arabia's coast. There has been no independent report on the cause of the damage.Iran's rival Saudi Arabia has said it was not behind any attack on the tanker.

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…

11 Oct 2019

CNOOC Seeks Replacements for Sanctioned COSCO LNG Tankers

AdobeStock / © Kasto

China National Offshore Oil and Gas Company (CNOOC) is on the hunt for liquefied natural gas (LNG) tankers to charter, several industry sources told Reuters, looking to replace ships it had previously hired that are linked to a Chinese company sanctioned by the United States for allegedly transporting Iranian oil.The company, COSCO Shipping Tanker (Dalian), is one of four Chinese firms on which the Trump administration imposed sanctions on Sept. 25, in what it described as the biggest sanctions taken by the U.S.

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