McQuilling ends tanker contracts with PDVSA
A second maritime firm has told Venezuela's state-run oil firm Petroleos de Venezuela it would end all charter contracts with the company as a result of U.S. sanctions, according to an internal document and a person familiar with the matter.U.S.-based McQuilling Partners Inc, which provided PDVSA with four contract tankers, joined German tanker operator Bernhard Schulte Shipmanagement (BSM) in withdrawing from providing oil-shipping services to Venezuela.The United States levied…
Torm Joins Inatech for IMO 2020 Bunker App
Danish product tanker operator Torm has joined Glencore subsidiary Inatech on an app to tackle the anticipated complex bunkering landscape in shipping post-2020.Inatech, which specialises in energy trading risk management systems, has built the ‘Smart Trader’ app to enable companies to map their entire fleet of ships and visualise best routes given sea and port conditions to achieve lowest prices for the desired quality of fuel.The toolkit leverages bunker alerts and pricing data from S&P Global Platts…
Overseas Shipholding Group Enters New Bareboat Charter
Florida-based oil tanker operator Overseas Shipholding Group (OSG) has entered into a Bareboat Charter Party Agreement with the owner of the vessel known as the Oregon Voyager.The provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets said in a press release that it will rename the 1999-built U.S. flagged product tanker the Overseas Key West and intends to use this vessel in the U.S. coastwise trade under the Jones Act.The Bareboat Charter extends for 10 years, into 2029.
Shell Confirms Oil Leak in Brazilian Waters
A small amount of crude oil belonging to Royal Dutch Shell Plc leaked during a ship-to-ship oil transfer in Brazilian waters last month, the company confirmed to Reuters on Monday.About 200 milliliters of crude were released on Nov. 30 during the maneuver, which was halted after the drip was detected, Shell said, adding that authorities were notified and the incident left no trace of oil in the sea.However, a letter obtained by Reuters and sent to Brazilian environmental regulator…
Ardmore Shipping Adds SEDNA Platform
Product and chemical tanker operator Ardmore Shipping has chosen SEDNA as its new email management and team collaboration platform for their global commercial desks, including operations, chartering and commercial finance teams.According to Ha Eun Ruppelt, Ardmore Shipping’s Commercial Project Manager, the decision to choose SEDNA began with the organization’s commitment to achieving the same high standards of efficiency and operational performance in its commercial activities…
Essberger Tankers Sign Deal with GAC
Europe’s chemical tanker operator Essberger Tankers has entrusted its ship agency requirements to Gulf Agency Company (GAC) companies in Norway, Sweden, Denmark and Finland.Under the agreement, GAC will handle an estimated 600-800 port calls a year for Essberger Tankers’ fleet of vessels carrying a wide range of high-grade chemicals.The deal comes after more than 20 years of successfully managing Essberger’s port calls in Finland. The shipping and logistics service provider’s ability to deliver the same high level of support from its expanding network of offices in Sweden…
CMM Selects ABS Asset Management Platform
Tanker operator Consolidated Marine Management (CMM) is implementing an Enterprise Asset Management (EAM) Program with ABS Advanced Solutions.“We had intensive discussions with ABS to validate the assessment process and capabilities of the team to review our business processes, and we are quite satisfied with their technical expertise and strong EAM experience,” said Kostas G. Vlachos, Chief Operating Officer of CMM. “Our current efforts are focused on optimizing inventory management and the reliability of our assets.
Euronav Completes Merger with Gener8 Maritime
Belgian tanker operator Euronav has concluded its merger with U.S. rival Gener8 Maritime, creating one of the world’s largest tanker shipping fleets.Gener8’s shareholders voted earlier this week to approve the merger, and following the closing on Tuesday, 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction began trading Wednesday on the NYSE.The merger, which Euronav CEO Paddy Rodgers described as an “important milestone”, takes place amid…
Maersk Tanker Unit to Wind Down Customer Agreements in Iran
Danish oil product tanker operator Maersk Tankers, part of shipping group A.P. Moller-Maersk, said on Wednesday it would wind down its customer agreements in Iran by November following new U.S. sanctions on Tehran."We will perform customer agreements entered into before May 8 and ensure that they are wound down by November 4, as required by the re-imposed U.S.
Container Shipping Line MSC Stops New Iran Bookings
The world's No. 2 container shipping line MSC said on Wednesday it would stop taking new bookings for Iran due to the decision by the United States to re-impose sanctions on Tehran after withdrawing from the international nuclear deal. In a note to clients, privately held MSC said it was "ceasing to provide access to services to and from Iran", adding that they would "conclude this period with the minimum disruption" to their customers' business. "While MSC is not accepting bookings for shipments originating from Iran…
Torm Stops Taking Orders in Iran Due to US Sanctions
Danish oil product tanker operator Torm on Tuesday said it has stopped taking new orders in Iran as a consequence of U.S. plans to reimpose sanctions on Tehran."We follow the situation closely and always follow the rules. Therefore, we have also stopped taking new orders in Iran," a spokeswoman told Reuters.Torm operates 79 oil product tankers worldwide.The United States last week withdrew from an international nuclear accord with Iran and announced renewed sanctions against the country.While it is still unclear how U.S.
Euronav Freight Rates Sag in Challenging Market Conditions
Belgian tanker operator Euronav's average spot rates for its very large crude carriers (VLCCs) fell 53.8 percent to $18,725 per day in the first quarter, as challenging conditions continued in the freight market, the company said on Wednesday. Tanker companies have been suffering from a glut of excess capacity which has weighed on rates, while OPEC oil production cuts have added to the pressure. "The rebalancing of the tanker market requires further affirmative action in reducing primarily older tonnage…
NITC: Tanker Shipments to Europe Increasing
NITC, Iran's leading oil tanker operator, said on Monday its shipments to Europe were increasing daily and it plans to upgrade its fleet to support expansion. International sanctions on Iran were lifted in January 2016 and NITC is looking to come in from the cold after years of isolation. Mohammad Reza Shams Dolatabadi, NITC's head of international affairs, told Reuters on the sidelines of an energy industry conference in Istanbul that the company aimed to replace some of its older tankers with new vessels. He added that the company also planned to acquire liquefied natural gas (LNG) tankers, marking a new direction for the company. "We are thinking of an LNG fleet in the future," he said. Dolatabadi said the number of NITC ships calling at European ports was set to increase.
TEN Takes Delivery of Aframax Crude Tanker
Crude, product and LNG tanker operator TEN, LTD. announced the delivery of the aframax tanker Stavanger TS, the eighth in a series of nine tankers built against long-term employment to a major European oil concern and one of the four, of this particular order, with ice-class specifications. The last remaining ship to complete the 15-vessel organic growth program, the Bergen TS is scheduled to be delivered and commence its long-term employment in the third quarter of this year. All 15 new tankers have long-term employment. With the delivery of the Bergen TS, TEN’s current expansion program will reach its conclusion and result in 75 percent of the fleet in secured contracts with minimum gross revenues of $1.5 billion and average charter duration of 2.6 years.
TEN Get Charter for Two Suezmaxes
Tanker operator Tsakos Energy Navigation (TEN) announced the expansion of its long term strategic alliance with a major US oil concern. Two suezmax vessels have been chartered for three years, bringing the relationship to six vessels. These charters are scheduled to commence in early September upon completion of the current employment of each vessel and contain profit sharing arrangements. "We are pleased that these new charters not only solidify the Company's cash generating ability and visibility…
Euronav Reports Lowest Freight Rates since 2013
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.
Heidmar Names New CEO
Norwalk-headquartered tanker operator Heidmar has appointed James Pippard as its new Chief Executive Officer. James will oversee the global footprint of the Company's five Pools, with offices in Norwalk, CT, London and Singapore. James is a respected and successful figure in the tanker shipping industry and during his 25 years at Teekay, he has worked in a variety of commercial management roles in Houston, Vancouver, London and Singapore and will be blending his experience into Heidmar’s pooling business to create value for its partners and customers.
Euronav to buy Gener8 Maritime
Tanker operator Euronav is to buy U.S. rival Gener8 Maritime to create one of the world's top oil shipping fleets, the companies said on Thursday, in an all-stock deal worth an estimated $490 million. Tanker companies have faced tough conditions in recent months, partly due to a glut of ships available for hire, and as a result have been looking for ways to build scale and cut costs. The Euronav deal is the first major M&A transaction since Oslo-listed tanker player Frontline said in June it had abandoned its pursuit of New York-listed rival DHT Holdings .
Crystal Nordic Sold to Essberger Tankers
Nordic Tankers and Embarcadero Maritime (a joint venture between Borealis Maritime and KKR) have signed and closed an agreement to sell the jointly held company Crystal Nordic to John T. Essberger in Hamburg, a leading owner and operator of chemical tankers in Europe. Crystal Nordic was established following the combination of Nordic Tankers’ inter-European stainless steel chemical tanker business with Crystal Pool in 2015. The parties have agreed not to disclose any financial information.
Tanker Operator, Master Sentenced for Pollution
A tanker vessel operator and master were convicted this week for maintaining false and incomplete records relating to the discharge of oil and garbage from an oil tanker that was operating off the coast of Texas. On Monday, operator Sea World Management & Trading Inc. and the master of tanker Sea Faith, Edmon Fajardo, pleaded guilty to two felony violations of the Act to Prevent Pollution from Ships for failing to accurately maintain the Sea Faith’s Oil Record Book and Garbage Record Book, announced U.S. Attorney Ryan K. Patrick and Acting Assistant Attorney General Jeffrey H. Wood. Both admitted that oil cargo residues and machinery…
Team Tankers Buys Two Tanker Carriers
Team Tankers International announced that it has entered into share purchase agreements to acquire all outstanding shares in each of Laurin Shipping and Anglo-Atlantic Steamship Company. In combination with associated ship purchases, the total estimated enterprise value of the series of transactions is approximately $206 million. Upon completion of the transactions, Team Tankers will grow its fleet from 37 to 52 vessels. With the acquisition of Laurin Shipping, trading under the Laurin Maritime brand…
Euronav, Gener8 Maritime Merger to Close in 2Q 2018
Tanker operators Euronav NV said that it remains confident of closing a takeover of the U.S.-based provider of international seaborne crude oil transportation services Gener8 Maritime in the next three months. On 21 December 2017 the boards of Euronav and Gener8 Maritime announced agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 pursuant to which Gener8 would become a wholly-owned subsidiary of Euronav (the Combined Entity). "Work on the transaction is proceeding as planned with an anticipated closing in the second quarter of 2018…
Navios Buoyed by JPMorgan Duble Upgrade
Shares of Navios Maritime Midstream Partners jumped more than 15% early Friday morning as JPMorgan upgraded the crude oil tanker operator to "overweight" from "underweight" Stock currently up 13.6 pct at $4.34; top percentage gainer on the NYSE In a Q1 2018 Oil Tankers Earnings preview, Analyst Noah Parquette is more constructive on a 2019 tanker recovery as scrapping boosts supply side and IMO regulations increase demand Regarding NAP upgrade, Parquette cites valuation following distribution cut, believes new distribution level to be sustainable; though trims PT by $1 to $6 On flip side, downgrades sibling co Navios Maritime Acquisition to "underweight" from "neutral" On Mar 26, NAP announced board announced fleet renewal and reset of annual distribution policy to $0.50/unit