Pyxis Tankers Sells MR2 Ship Pyxis Delta
Greek pure play product tanker company announced that it has completed the sale of the Pyxis Delta, a 2006-built 46,616 dwt product tanker.The maritime transportation holding company said in a press note that the sale proceeds will be used to repay outstanding indebtedness secured by the vessel and for general corporate purposes.Valentios Valentis, our Chairman and CEO said: “This transaction furthers our operating strategy to focus on modern eco-MR tankers and reflects a more efficient allocation of capital resources to improve our financial condition.
OSG Acquires Alaska Tanker
Overseas Shipholding Group, the tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets, has entered into agreements with BP Oil Shipping Company USA and BP AMI Leasing to purchase the crude oil carrier vessels operated by Alaska Tanker Company (ATC).OSG currently owns a 37.5% interest in ATC. As part of the above transaction, OSG will acquire the remaining 62.5% interest of ATC that it does not own.According to the publicly traded tanker company…
Top Ships Secures Loan for 2 MR Newbuilds
TOP Ships has entered into an agreement with a major Chinese financier in relation to financing of up to $60.2 million for its recently acquired vessels.The Greece-based shipping company said that the two newbuilding ultra-high specification scrubber-fitted 50,000 dwt Medium Range (MR) product/chemical tankers currently under construction at Hyundai Mipo Co., Ltd. in South Korea.The delivery is due in February 2020, said the international owner and operator of modern, fuel-efficient…
Pyxis Sells a Product Tanker
The Greek marine transportation provider Pyxis Tankers Inc announced that it had agreed to sell the Pyxis Delta, a 2006 built 46,616 dwt product tanker.The emerging growth pure play product tanker company said that the closing of the sale should occur in January, 2020 and is subject to customary closing conditions.Valentios Valentis, our Chairman and CEO said: “The sale of our oldest, non-eco MR tanker reduces the average age of our fleet and provides us capital to repay debt…
Interview: Ed Grimm, CEO, Southern Towing Company
“In God we trust. All others must have data.”When Ed Grimm took the helm of Southern Towing Company (STC)as President and CEO, he inherited an enviable team of leaders, engineers, mentors, communicators and analysts. Today STC is a clear leader on the inland waterways, pioneering and proving the business and safety value of Z-Drives on the river towboats.How did you come to the top spot at Southern Towing Company?I started in the energy industry at 16 working at an oil storage depot in New York Harbor, working there through high school and putting myself through college.
KCC Names MV Barracuda
Norway-based shipowner Klaveness Combination Carriers (KCC) has named its second CLEANBU vessel, MV Barracuda, after it completed a first switch between dry cargo and a cargo of clean petroleum products (CPP).MV Barracuda was named at anchorage outside Singapore by Ms. Su Yin Anand, head of Legal at South32 Marketing Singapore, one of KCC’s largest customers.As all the other CLEANBU vessels, MV Barracuda was named after a “sea creature” to show KCC’s commitment to clean oceans…
NMAC Acquires 5 Product Tankers
Navios Maritime Acquisition Corporation (NMAC), a Greece owner and operator of tanker vessels, announced the agreement to acquire five product tankers in liquidation of Navios Europe I Inc.On November 22, 2019, an agreement was reached to liquidate Navios Europe I. As of September 30, 2019, Navios Acquisition had a receivable of $32.3 million from Navios Europe I. This receivable along with debt financing will be used to finance the Acquisition. The agreement is subject to definitive…
Schottel Enters the Tanker Segment
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.
Tanker Scrapping to Remain Low
There has been a near absence of the demolition activity in tanker market this year, Gibson Shipbrokers said in its latest tanker market report. The scrapping likely to remain at low levels in the coming months, it added.During the first ten months of 2019, only 30 tankers over 25,000 dwt were reported sold for scrap. About half of all demolition activity has been in the Handy/MR size group, with 17 units removed since the beginning of the year.There were 3 Panamaxes/LR1s demolished and just 1 tanker in the LR2/Aframax size group.
Navios Acquisition Fleet Reaches 41
Navios Maritime Acquisition Corporation, the provider of transportation of petroleum products (clean and dirty) and bulk liquid chemicals, announced that its fleet consisted of a total of 41 vessels as of November 7, 2019.The owner and operator of tanker vessels said that out of 41 vessels, 13 are very large crude carriers (VLCCs) (including three bareboat chartered-in VLCCs expected to be delivered in the third and fourth quarters of 2020 and the third quarter of 2021), 26 are product tankers…
Scorpio Completes Aquisition of 19 Tankers
Scorpio Tankers, the international provider in the transportation for refined petroleum products, announced that it has completed acquisition of the leasehold interests in 19 product tankers.The Monaco-headquarters acquired subsidiaries of Trafigura, which have leasehold interests in 19 product tankers under bareboat charter agreements with subsidiaries of an international financial institution for aggregate consideration of $803 million on September 26, 2019.Of the 19 vessels…
IOC Sells IMO2020-Compliant Marine Fuel in India
State-owned Indian Oil Corp (IOC) said it has commenced delivery of Low Sulfur Furnace Oil (LSFO) for ships that is compliant with International Maritime Organisation's (IMO) mandate.The largest commercial oil company in India said in a press release that it commenced deliveries of LSFO with 0.5 per cent sulfur as marine fuel at ports in the country.The first such supply was made on 26th October 2019 to the LPG tanker Berlian Ekuator at Kandla port.ICO has made available LSFO 0.5% S grade marine fuel for immediate deliveries at Kandla and Kochi ports.
U.S. Great Lakes Ports on Pace to Beat 2018 Volumes
U.S. Great Lakes ports are on pace to beat 2018 cargo volumes following a robust September handling road salt, cement, stone, petroleum and wind energy components.“U.S. Great Lakes ports are reporting cargo growth as they support the region’s construction activity and energy needs and help our cities prepare for the winter ahead,” said Bruce Burrows, President of the Chamber of Marine Commerce. “Iron ore exports from Minnesota to Japan and China via the St. Lawrence Seaway are also continuing.”Overall, St.
New Nippon Paint Targets Chem, Product Carriers
Nippon Paint Marine has added to its NOA range of self-indicating epoxy coatings with a new system specially developed to protect chemical and product carrier tanks from corrosion and cargo contamination.NOA PC 700, a phenolic/novolac-based epoxy, is resistant to a wide range of chemicals, solvents and petroleum products, including those containing xylenes, methyl ethyl ketone, methanol, caustic soda and LSA fuel oil.Makoto Nakagawa, General Manager Sales and Marketing, Nippon Paint Marine Coatings…
"Green" Ammonia's Future as a Marine Fuel
Ammonia, the same pungent solution used in fertilizers and cleaning agents, may one day be the key to transporting renewable energy around the world. There are currently a number of government and corporate projects assessing the feasibility of converting excess renewable energy from sources like wind, solar, tidal and nuclear into ammonia and then back into usable energy.In its purist form, ammonia or NH3 is composed of one nitrogen and three hydrogen atoms making it an ideal candidate to chemically bind excess renewable energy.
Scorpio Buys 19 Tankers from Trafigura
Monaco-based petroleum products shipping firm Scorpio Tankers has signed a deal to acquire 19 product tankers from Trafigura Maritime Logistics for around $803 million.The acquisition of the leasehold interest in the vessels includes a finance lease arrangement with a financial institution under a bareboat contract arrangement.According to the arrangement, Scorpio Tankers will acquire Trafigura Maritime Logistics’ subsidiaries that have leasehold interests in 19 product tankers.The aggregate value of the vessels is $803 million…
Parkland Acquires Tropic Oil Company
Calgary-based fuel and lubricant business firm Parkland Fuel Corp. announced that it is acquiring all of the issued and outstanding equity interests of U.S.-based Tropic Oil Co. Inc., as well as equity interests and the assets of certain of its affiliates.Parkland said the acquisition will be funded out of cash flow from operations and existing credit facility capacity.Parkland is one of North America and the Caribbean’s fastest growing independent suppliers and marketers of fuel and petroleum products.Tropic Oil…
Navig8 Product 2020 Adds New MR Tanker
Shipping company Navig8 Product 2020 has taken delivery of a new scrubber-fitted MR tanker, the Navig8 Gauntlet.The international shipping company focused on the transportation of Clean Petroleum Products (CPP) said that the 49,000 dwt vessel was delivered from Japan’s New Times Shipbuilding and is the sixth unit in a series of eight such scrubber-fitted tankers in the company’s newbuilding program.The Navig8 Guantlet will be entered into and operated in Navig8 Group’s Chronos8 commercial pool, it said.Last month, the company took delivery of the Navig8 Goal.
Chemical Tanker Market to Recover
The recovery of the chemical tanker market continued into the second quarter as main drivers were strong US exports and healthy volume development throughout the quarter on main trades, said Odfjell SE.The Clean Petroleum Products (CPP) market weakened which led to a net increase of 20 coated MR's trading chemical/veg-oils during the quarter, hereby increasing supply pressure for chemical tankers towards the end of the quarter, said the company specializing in worldwide seaborne…
Revenues Soar at Russia’s PAO Sovcomflot
PAO Sovcomflot (SCF Group), which serves the energy shipping and offshore services to the oil and gas industries, reported in the first half of 2019 revenues rose 16.6% ($828m vs. $710.1m), TCE revenue rose 19.1% ($609m vs. $511.3m) and EBITDA rose 42.4% ($381.2m vs. $267.7m) as compared to the first half of 2018.Highlights from the first half included:• Korolev Prospect, Vernadsky Prospect and Samuel Prospect LNG-fuelled 114,000 DWT Aframax tankers added to the fleet.•In March 2019, the Group celebrated the 10th anniversary of the start of LNG shipments from the Sakhalin-2 project.
Tanker Owner, Operator & Officers Guilty in ECA Crimes
The owner and operator will pay a total criminal fine of $3,000,000.00.U.S. Attorney Gretchen Shappert for the District of the Virgin Islands announced that IONIAN SHIPPING & TRADING CORP., LILY SHIPPING LTD., STAMATIOS ALEKIDIS, ATHANASIOS PITTAS and REY ESPULGAR have been convicted and sentenced for various pollution, recordkeeping, and obstruction of justice crimes on the Motor Tanker (“M/T”) Ocean Princess in St. Croix, U.S.V.I. The defendants’ conduct included using fuel that exceeded the maximum allowable sulfur concentration in the U.S. Caribbean Emission Control Area (“U.S.
Klaveness' CLEANBU Switch from Wet to Dry Cargo
Norway-based shipowner Klaveness Combination Carriers (KCC) has undertaken a wet-dry cargo switch, marking a first for one of its CLEANBU combination carriers.The vessel transported a full cargo of petroleum products (CPP) from India to Argentina, said the global owner and operator of combination carriers.After discharging the CPP, she completed the cleaning and conversion from tanker mode to dry bulk mode, loaded a grain cargo and is now enroute back to Asia. Strong cleaning capabilities with cleaning result available for online inspection on new digital application.After discharging of CPP…
TOP Ships in 1-for-20 Reverse Stock Split
Greek provider of oil, petroleum products and chemicals transportation services TOP Ships Inc. announced that it has determined to effect a 1-for-20 reverse stock split of the its issued common shares.The Greek company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on August 7, 2019.The reverse stock split will take effect…