Scorpio Tankers Sells, Leaseback Seven Product Tankers
Scorpio Tankers announced that it has agreed to sell and leaseback six MR product tankers (STI San Antonio, STI Benicia, STI St. Charles, STI Yorkville, STI Mayfair and STI Duchessa) and one LR2 product tanker (STI Alexis) to an international financial institution.The international provider in the transportation for refined petroleum products said that upon completion, its liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt.These lease financing arrangements are part of the company’s new financing initiatives that were announced on April 25…
Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks
Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen, which lies on one side of the Bab al-Mandeb strait at the southern mouth of the sea…
Concordia Maritime Charters in Suezmax Tanker
Tanker owner Concordia Maritime announced it has moved to strengthen its positions in the crude oil segment by chartering in another suezmax vessel.The 158,000 dwt suezmax vessel that has been chartered in was built in Korea in 2015. As with previous charters, this is a joint charter with Stena Bulk, and Concordia Maritime’s share amounts to 50 percent. The contract is for 12 months, and the vessel will be employed on the spot market through the Stena Sonangol Suezmax Pool from July.Kim Ullman…
Why is Saudi Arabia Halting Red Sea Oil Shipments?
Saudi Arabia announced last week it was suspending oil shipments through the Red Sea's Bab al-Mandeb strait after Yemen’s Iran-aligned Houthis attacked two ships in the waterway.To date, no other exporters have followed suit. A full blockage of the strategic waterway would virtually halt shipment to Europe and the United States of about 4.8 million barrels per day of crude oil and refined petroleum products.Western allies backing a Saudi-led coalition fighting the Houthis in Yemen expressed concern about the attacks, but have not indicated they would take action to secure the strait.
International Seaways Completes Acquisition of Six Euronav VLCCs
US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC…
Strong July Across Great Lakes Gets Seaway Tonnage
Great Lakes-St. Lawrence shipping continues to bounce back after a slow start. With strong tonnage numbers in July, particularly shipments of U.S. grain, liquid bulk and project cargo, the 2018 shipping season is right on par with the healthy statistics posted last year.Overall cargo shipments on the St. Lawrence Seaway between March 29 and July 31 totaled 16.5 million metric tons. Areas of strength included U.S. grain shipments totaling 888,000 metric tons, up 32 percent over last year. Liquid bulk shipments totaled 2.3 million metric tons, an increase of 25 percent.
U.S. Sanctions Russian Firms, Vessels Over N. Korea Oil Transfers
The United States on Tuesday announced sanctions on two Russian shipping companies and six vessels it said were involved in the transfer of refined petroleum products to North Korean vessels in violation of U.N. restrictions.The U.S. Treasury identified the firms as Vladivostok-based shipping companies Primorye Maritime Logistics Co Ltd (Primorye) and Gudzon Shipping Co LLC (Gudzon).It also named six Russian-flagged vessels: Bella, Bogatyr, Neptun, Partizan, Patriot and Sevastopol."Ship-to-ship transfers with North Korea-flagged vessels from Russia or elsewhere of any goods being supplied, sold, or transferred to or from (North Korea) are prohibited under the U.N. Security Council resolutions on North Korea and are sanctionable under U.S. law," U.S.
Contract Extension for Tanker Stena Provence
Concordia Maritime said it has signed a contract to charter out the P-MAX tanker Stena Provence for another year from September 2018.The contractual partner is one of the world’s largest oil and gas companies, who has used the vessel since 2014 for niche transportation of refined petroleum products, mainly in the Asia Pacific region.“This customer has a specific transport need, for which the large load capacity of our P-MAX vessels are well suited,” said says Kim Ullman, CEO of Concordia Maritime.
Scorpio Tankers Sells, Leaseback Four Tankers
Scorpio Tankers Inc announced that it has agreed to sell and leaseback two MR product tankers (STI Gramercy and STI Queens) and two LR2 product tankers (STI Oxford and STI Selatar) in two separate transactions to an international financial institution. Upon completion, the Company’s liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt. These lease financing arrangements are part of the Company’s new financing initiatives that were announced on April 25, 2018.
TOP Ships Announces Time Charter With Cargill International SA
TOP Ships Inc. an international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, has announced that it entered into a sale and leaseback agreement and a 5 year time charter with Cargill International SA (“Cargill Ocean Transportation”) on June 29, 2018, a leading vessel operator and freight-trading business in the bulk shipping sector, for its newbuilding vessel Hull No 8242 currently under construction at Hyundai Mipo Dockyard Co., South Korea. Consummation of the deal is expected to take place on the vessel’s delivery date currently planned for January 2019. Following the sale, the company will bareboat charter back the vessel and immediately put it on a 5 year time charter with Cargill Ocean Transportation.
US Accuses N.Korea of Fuel Smuggling
The United States accused North Korea on Thursday of breaching a U.N. sanctions cap on refined petroleum by making illicit transfers between ships at sea, according to a document seen by Reuters, and demanded an immediate end to all sales of the fuel.The United States submitted the complaint to the U.N. Security Council North Korea sanctions committee. The charge of a sanctions breach comes as Washington engages North Korea in a bid to convince Pyongyang to give up its nuclear weapons.The North Korea U.N. mission did not immediately respond to a request for comment on the U.S. accusation.
GulfNav Upgrades Fleet to Meet New Environmental Rules
Dubai-based shipping company Gulf Navigation Holding (GulfNav) is upgrading its fleet with new technologies that will help reduce the vessels’ fuel consumption and prepare them for new environmental regulations.Khamis Juma Buamim, Board Member, Managing Director and Group CEO of Gulf Navigation Holding said: "An important investment expense, for which we have allocated a substantial amount of the company’s revenues in this quarter, is the quality upgrade of our ships while they…
GE Shipping Adds VLGC Jag Vasant to its Fleet
The Great Eastern Shipping Company Limited (G E Shipping) took delivery of secondhand Very Large Gas Carrier "Jag Vasant" of about 83,270 cbm. The company had contracted to buy the vessel in Q2 FY19.The Company's current fleet stands at 49 vessels, comprising 35 tankers (12 crude carriers, 17 product tankers, 6 LPG carrier) and 14 dry bulk carriers (1 Capesize, 8 Kamsarmax, 5 Supramax) with an average age of 10.90 years aggregating 3.98 mn dwt.The Great Eastern Shipping Company Limited is India's largest private sector shipping company which mainly transports liquid…
TOP Ships Terminates ATM Program
TOP Ships, an international owner and operator of modern announced that, effective immediately, it is terminating the equity distribution agreement with Maxim Group LLC providing for the “at-the-market” equity offering program (ATM Offering).The international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products also announced that it is in discussions and has received indicative terms from financial institutions for the financing of the M/T’s Eco California…
Great Lakes-Seaway Shipping Boosted in June
United States grain exports via the St. Lawrence Seaway are up 32.1 percent this season compared to 2017. Construction materials were also heavily influential in the latest results with a nearly 38 percent increase in asphalt from the same time last year, as well as increases in cement and stone.“Summer is the season for construction projects and ships have been delivering materials for major building projects across the region,” says Bruce Burrows, President of the Chamber of Marine Commerce. “U.S.
Middle East Oil & Gas Shipping Routes are at Risk
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen's Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world's top oil exporting region.Iran, in its row with the United States over sanctions, has also threatened to block the Strait of Hormuz, the other major strategic shipping route for oil from the region and the main route for Iranian crude exports.Below are facts about region's shipping routes:Bab al-MandebAny move to block the Bab al-Mandeb…
OSG Orders Tank Barge from Gunderson Marine
Portland, Ore. shipbuilder Gunderson Marine announced today that it has secured an order from Tampa. Fla. based energy transportation firm Overseas Shipholding Group, Inc. (OSG) for the construction of a 204,000 barrel capacity tank barge for delivery in the second quarter of 2020. The agreement also includes an option to build a second sister barge which would have a scheduled delivery date during the fourth quarter of 2020.The state-of-the-art 581' oil and chemical tank barge will be constructed to pair with existing tugs within OSG's current fleet for operation as an articulated tug barge (ATB) unit. OSG intends to register the barge under the U.S. Flag with a coastwise endorsement, allowing it to be employed in Jones Act trades.The tank barge for dual mode ITB service pursuant to U.S.
Russian Firms, Vessels Hit with US Sanctions over N. Korea Oil Transfers
The United States on Tuesday announced sanctions on two Russian shipping companies and six vessels it said were involved in the transfer of refined petroleum products to North Korean vessels in violation of United Nations. restrictions.Russian Deputy Foreign Minister Sergei Ryabkov called the sanctions as well as other U.S. steps over alleged hacking, groundless, and promised a response.The U.S. Treasury identified the shipping firms as Vladivostok-based shipping companies Primorye Maritime Logistics Co Ltd (Primorye) and Gudzon Shipping Co LLC (Gudzon).
Optimarin Secures Large Ardmore Order
Ballast water treatment (BWT) specialist Optimarin said it has secured a contract to supply 36 systems to Ardmore Shipping, one of the manufacturer’s largest orders to date.The Irish-headquartered shipowner will fit the three dozen units across 18 chemical and product tankers – two units in each vessel. Delivery is due to commence in February next year.Ardmore’s fleet ranges in size from 25,000 to 50,000 dwt. The firm transports petroleum products and chemicals worldwide with its modern…
VT Halter to Build ATB Tug for Bouchard
Mississippi shipbuilder VT Halter Marine, Inc. said it has secured a new contract to build an articulated tug barge (ATB) tug with an option for a second vessel for Bouchard Transportation Co., Inc.Construction of the new vessel, M/V Evening Stroll, begins immediately at the builder’s Pascagoula, Miss. shipyard, with delivery scheduled for December 2019. This vessel will enter into Bouchard’s fleet service in New York, N.Y to transport liquid petroleum products throughout the…
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…
China Surprises with Threat on US Energy Exports
Beijing surprised oil markets with threats to levy tariffs on imports of U.S. crude oil, natural gas and other energy products on Friday, just as China has risen to the top of the list of importers of oil from the United States.China responded to $50 billion in tariffs imposed by U.S. President Donald Trump with a similar amount of levies on a variety of U.S. goods. But China also said it would impose tariffs on U.S. energy products, which analysts considered a surprise as previous tariff threats had centered on agricultural goods and automobiles."This is a big deal.
Al-Iraqia Shipping Commences Bunkering Operations in Iraq
Al-Iraqia Shipping Services & Oil Trading (AISSOT) is shortly commencing bunkering operations at Iraqi Ports mainly at Basra, Khor Al-Zubair and Umm Qasr. AISSOT is a joint-venture company of Iraqi Oil Tankers Company (IOTC) & Arab Maritime Petroleum Transport Company (AMPTC) to handle plethora of activities ranging from Trading of petroleum products, Ship chartering, Oil terminals, various Marine services, and Bunkering. Iraq ports are growing exponentially as shipping hub over the years and AISSOT is confident to cater to all marine related needs of the shipping lines calling Iraq…