Marine Link
Wednesday, November 22, 2017

Tanker Operator News

Nippon Yusen Enters Shuttle Tanker Biz

According to a Nov. 26 report from Reuters, Nippon Yusen KK (9101.T), Japan's biggest shipping company, said it would take a 50% stake in Norwegian tanker operator Knutsen Offshore Tankers by buying new shares, in a bid to enter the shuttle tanker business. (Source: Reuters)

Odfjell Takes 50% Of Brazilian Shipper

Norwegian chemical tanker operator Odfjell last week acquired a 50 percent stake in Brazilian shipping company Flumar. Odfjell said the purchase would mean an investment of $10 million and would result in a strengthening of both companies' positions in the region. Flumar operates three chemical tankers and vessels for liquefied petroleum gases and sails mainly along the Brazilian coast. Odfjell operates more than 60 vessels in a global network.

Odfjell Takes 50% Of Brazilian Shipper

Norwegian chemical tanker operator Odfjell last week acquired a 50 percent stake in Brazilian shipping company Flumar. Odfjell said the purchase would mean an investment of $10 million and would result in a strengthening of both companies' positions in the region. "Brazil has a considerable growth potential in production and handling of chemicals," Odfjell said. Flumar operates three chemical tankers and vessels for liquefied petroleum gases and sails mainly along the Brazilian coast. Odfjell operates more than 60 vessels in a global network.

Tanker Orders Flood in For Chartco

ChartCo, has taken more orders for its ChartManager service from tow major tanker fleet owners. Greek company Avin International is the third major Greek shipping company, to sign up as a ChartCo customer while ChevronTexaco Shipping Company has signed up to ChartCo’s service following successful trials on two of its vessels. Avin International, a tanker operator active in the shipment of crude oil and petroleum products, chose to install ChartManager across its entire fleet following successful trials on aboard two of its vessels, the Kriti Amethyst and Sfakia.

Euronav Reports Lowest Freight Rates since 2013

(Photo: Euronav)

Belgian tanker operator Euronav reported a sharp drop in core profit for the first nine months of the year as freight rates in the oil tanker sector continued to fall. Excess tonnage in the global tanker market has put pressure on freight rates, as a large wave of new deliveries this year has offset scrapping. "Freight rates remained under sustained pressure ... particularly in August as seasonally low levels of cargo and new tonnage entering the market combined to drive rates to lowest levels since 2013," Chief Executive Paddy Rodgers said in a statement.

Frontline Sells Tanker for $141.5m

Bermuda-based tanker operator Frontline Ltd. said Tuesday it agreed to sell its VLCC Front Beijing, which was delivered in 2006, for gross proceeds of $141.5 million. Delivery to the buyers is expected to take place in November. Frontline will record a gain of about $59 million on the transaction, and will generate approximately $58 million in additional liquidity which will partly be used to fund pre-delivery installments in Frontline's newbuilding program, and will strengthen its dividend capacity going forward.

General Maritime to Acquire Tankers

General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from Metrostar Management Corporation, a Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by April 30, 2003 during which time the vessels will be integrated into General Maritime's fleet operations. The acquisition of the tankers will be made for cash and is subject to the customary conditions of delivery. The Company intends to finance the acquisition through the use of cash on hand and the reserve borrowing power from its existing credit facilities as well as the incurrence of additional bank debt for which it has not yet entered into binding arrangements. Peter C.

Eitzen Sells Tanker

Norwegian chemical tankers operator Eitzen Chemical ASA said on Wednesday (5 March) that it has agreed to sell the 42,000 dwt chemical and oil carrier Siteam Merkur. The Siteam Merkur (formerly Team Merkur) was built in 1981.

Court Rejects Frontline's Complaint against DHT-BW Group Deal

Photo: DHT Holdings

 A court in the Marshall Islands rejected tanker operator Frontline's complaint against DHT Holdings over a rival deal with BW Group. Frontline, controlled by shipping tycoon John Fredriksen, owns around 14.5 percent of DHT. Frontline has been trying for the past year to take over its New York-listed rival. (Reporting by Ahmed Farhatha; Editing by Maju Samuel)

Torm Posts First Quarterly Profit in Five Years

TORM Ugland (Photo: Torm)

Debt-stricken Danish tanker operator Torm has posted its first quarterly net profit in five years thanks to higher freight rates. The company swung to a net $8.6 million profit in January-March compared with a net loss of $222.6 million in the first quarter last year. "The combination of lower oil prices and wider refinery margins boosted the demand for transportation of refined oil products in the first quarter of 2015," Chief Executive Jacob Meldgaard said in the statement. (Reporting by Ole Mikkelsen)

Veson Nautical & DA-Desk Team Up

Veson Nautical, the U.S.-based developer of software solutions for the commercial maritime community, announced that it has teamed with DA-Desk, an independent provider of port cost management services to provide shipping operators with a fully integrated chartering, operations, financials and port disbursement system. The enhanced integration of the two solutions significantly minimizes error and improves workflow. Meeting the request of DA-Desk’s customers that use Veson’s IMOS, port disbursement data captured by DA-Desk can flow seamlessly into IMOS, omitting the need for duplicate data entry for ship operators. Back-end financial processes gain efficiencies as well, as the integrated solution manages invoicing, accounts receivables and port disbursements from one platform.

INTERTANKO Guide to Reducing Emissions

INTERTANKO is publishing this week its new Guide for a Tanker Energy Efficiency Management Plan (TEEMP). This moves forward in practical terms the IMO process to reduce actual GHG emissions from shipping by assisting operators to implement a Ship Energy Efficiency Management Plan as recommended by IMO Circular MEPC.1/Circ.683. This Guide is based on INTERTANKO best practice, using information and experience from members with more than 700 tankers. It is a practical tool, covering a comprehensive monitoring, recording and reporting of ship performance which will be used by tanker operators as they enhance the energy efficiency and the emissions performance of their ships by routinely applying operational measures to improve fuel efficiency.

Unicom Signs for LR’s Hull Integrity Service

Unicom Management Services (Cyprus) Ltd., the ship management arm of Russian national shipowner Sovcomflot, became the first tanker operator to sign up multiple ships to Lloyd’s Register’s new Hull Integrity service. Unicom has enrolled 17 of its tankers in Hull Integrity, from its Bridge class and Sea class fleets. Both series of ships are 47,000 dwt product and chemical carriers. The deal was sealed following the launch of Hull Integrity at the Posidonia exhibition in Piraeus, Greece in June. Hull Integrity aims to help owners and operators to manage their vessels’ hull structural integrity. The service comprises of three elements which enable a ship’s crew to undertake hull inspections in a systematic and auditable manner: training in how to carry out inspections…

TEN Delivers Aframax Tanker

Image: Daewoo Mangalia Heavy Industries

Tsakos Energy Navigation (TEN Ltd) has announced the delivery of the Aframax crude tanker "Thomas Zafiras" from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million. This is the second vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates. TEN's new building program continues later this month with the delivery of a Panamax LR1 tanker also chartered to long term accretive employment.

Bergesen Agrees to Sell Four Tankers To Frontline Consortium

Norwegian shipping group Bergesen said on Friday it had made an preliminary agreement to sell four tankers to a consortium led by tanker operator Frontline. Bergesen said in a statement the deal, which included two tankers and contracts to build two new tankers, would give the company a profit of about $42 million. The sales price of the two tankers was $164 million, while the new contracts had a total value of $157 million, it said. The four tankers were part of a series of eight tanker projects that Bergesen acquired from the Hitachi yard in Japan in January 2000. The tankers, which have a deadweight of 296,000 tonnes, will be delivered to the consortium of partners of Tankers International led by Frontline in June or July 2001.

ISS Expands Business with Team Tankers International

Inchcape Shipping Services (ISS), the world’s leading maritime and logistics service provider, has greatly expanded its European business with Team Tankers International with a new port agency contract across the region. Under the new agreement with the chemical tanker specialist, ISS will provide port agency and vessel clearance services in all major European ports and terminals. Team Tankers International is one of the largest chemical tanker operators in the world, with a fleet of over 40 chemical tankers. While ISS has been providing port agency for Team Tankers International since 2013, this new agreement will capitalise on ISS’ Europe-wide offices within its global network.

Tanker Operators To Join Forces

Norwegian tanker operator Iver Ships will join forces with Japan's Mitsui O.S.K Lines to form the second biggest clean tanker alliance in the Asia Pacific region. Iver said the two companies would merge their medium-range (MR) tanker fleets over the next six months to form a pool of 12 45,000 tonners. "Our customers -- the oil majors and petrochemical companies -- are globalizing to form bigger units, and they're looking to concentrate on a few service providers capable of doing a bigger part of the job," Iver CEO Hans Jorgen Firing said. "That's why we decided to become a bigger player in this market... so we could be one of the chosen few," he said. The fleet will operate anywhere between the Mideast Gulf and the U.S. West Coast.

KMSS Bridgeline Takes a Lead

Korean shipbuilders have achieved a market-leading role in the construction of LNG tankers. Following commitment to serve this market with products, Kongsberg Maritime Ship Systems (KMSS) has received a breakthrough success by receiving firm orders for its Bridgeline, Integrated Navigation System, to be fitted to seven of the new LNG tankers, with options for further deliveries in the future. KMSS will provide Radar/ARPA, ECDIS- electronic chart display system, MBB- voyage data recorder, UAIS- universal automatic identification system with full integration of the navigation instruments. The Bridgeline assembly will be carried out in Korea.

Teekay Rating Raised

Standard & Poor's revised its outlook on Teekay Shipping Corp. to positive from stable. The outlook revision reflects Teekay's consistent, solid performance, which has resulted in a gradually improving financial profile, and expectations for more predictable cash flow generation due to the purchase of contract-based shuttle tanker operator Ugland Nordic Shipping ASA. Teekay's rating reflects a favorable business position as the leading midsize ("Aframax") crude oil tanker operator in the Indo-Pacific Basin, expanded presences in the AtlanticAframax tanker market and the North Sea Shuttle tanker market, and fairly conservative financial policies. These factors are offset by significant, but carefully managed exposure to the volatile tanker spot markets.

Tanker Pacific Establishes North & Latin American Headquarters In Miami-Dade County

The Beacon Council announced that Tanker Pacific Management from Singapore has established its North and Latin American headquarters in Miami. Tanker Pacific is the largest privately owned tanker operator in Singapore. Founded in 1990, Tanker Pacific specializes in maritime transportation of petroleum, as well as management of offshore storage terminals. The focus of the Miami office is mainly on expanding the company's commercial reach and providing better service to its customers in the Americas. The company also plans to have a dedicated team of professionals explore new business opportunities and investments in the region. The focus of Tanker Pacific's operations has historically been large tankers…

GL Wins 4 Suezmax Tankers

Signing the transfer of class (from left to right): Bjoern Haavard Braenden (GL), NAT CEO Herbjoern Hansson, Ronnie Westerman (GL), Fleet Manager Mr Michael Swerin and Tech Dir Mr Frithjof Bettum.

"Nordic Apollo", "Nordic Cosmos" and "Nordic Moon" are now in service with GL classification, "Nordic Neptun" will follow soon. The four Suezmax tankers from Norwegian shipowner "Nordic American Tanker Shipping" (NAT) have been transferred to GL class. The contract was signed in early February in Norway. NAT is the world's third largest stock listed tanker operator. The company operates only modern double hull suezmax tankers. The GL Group serves clients from the maritime and oil & gas industries from its six offices in Oslo, Sandefjord, Brevik, Bergen, Aalesund and Stavanger.

Tanker Shares Sink Lower

At  MarineMoney's New York City event earlier this summer, tanker operators were in a somber mood, and Michael Reardon, Manager Global Strategy and Freight Traiding, ConocoPhillips, was quoted as saying: “Floating storage took VLCCs out of the market and sent false signals to the market ... Don't look now, but things have gotten worse. Yesterday, in an Associated Press report, a Jefferies analyst downgraded shares of Overseas Shipholding Group Inc. and Frontline Ltd., saying the economy won't grow fast enough to stimulate oil production and boost rates for tanker companies by the end of the year. While IEA's decision in late June to release oil from emergency stockpiles reduced and delayed tanker charter rate rebound expectations into the fourth quarter…

Tsakos Announces New Two-Year Employment

Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator, announced two-year plus one year fixtures at charterers option with minimum rate provisions, for two MR product tankers to a major international end-user. The new charters should generate gross revenues of $22.0 million, excluding potential gains over the minimum rates that can apply in the second year and optional year. The total gross revenue to be generated over a three year period for the two vessels, can amount to over $33.0 million. Both charters are expected to commence within the second half of June 2013. George Saroglou, Chief Operating Officer…

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