Tanker Operator News

26 May 2020

AET Takes Delivery of Petrobras-bound Shuttle Tanker

Image Credit: AET

Tanker operator AET has taken delivery of Eagle Petrolina shuttle tanker which will be used to offload oil from Petrobras' offshore oil platforms in Brazil.The Eagle Petrolina, built by South Korea's Samsung Heavy Industries, is the first of four Suezmax Dynamic Positioning (DP2) Shuttle Tankers purposed built for long-term charter to Petrobras.The two companies entered into a long-term charter for the four shuttle tankers in May 2018.The Eagled Petrolina was delivered to AET on May 22…

08 May 2020

Euronav Sells 2005-Built VLCC for $38M

TI Hellas - Credit: Euronav

Tanker operator has sold its 2005-built Very Large Crude Carrier (VLCC) TI Hellas for $38.1 million.Euronav, based in Belgium, said Friday that a capital gain of around $1.6 million will be recorded in the current quarter from the sale of the VLCC:"The vessel will be delivered to her new owners at the end of May after completion of the current voyage. Euronav considers regular fleet rejuvenation an important function of vessel management in providing quality services to our clients…

07 May 2020

Euronav Posts Record High 1Q Results

(File Photo: Euronav)

Leading tanker operator Euronav posted record high first-quarter results on Thursday and expects strong demand for oil storage at sea to continue in 2020, driving its shares up 8.5%.The world is still struggling with an oil glut due to a drop in demand caused by the coronavirus even after top oil producing countries have cut output. The glut has prompted a scramble to find storage options on land and sea.Hugo De Stoop, chief executive of Belgian group Euronav, said floating storage…

21 Apr 2020

Eni Extends Charter for Torill Knutsen Shuttle Tanker

Torill Knutsen - Image by Kees Pieters - MarineTraffic

Shuttle tanker operator KNOT has secured a contract extension for its Torill Knutsen tanker with Italy's Eni.KNOT said Tuesday that Eni had exercised two of its one-year options to extend the time charter of the Torill Knutsen until November 2022. Data by VesselsValue shows Eni has been using the shuttle tanker to offload crude from the Barents Sea area offshore Norway, where the company operates the Goliat FPSO.In connection with the early exercise by Eni of its options, KNOT has granted Eni a further option to extend the time charter.

01 Apr 2020

Oil Storage at Sea Approaching Record Levels

© aerial-drone / Adobe Stock

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

09 Feb 2020

DSME to Build 2 LNG Tankers for KNOT

Image: Knutsen OAS Shipping

Knutsen NYK Offshore Tankers (KNOT), owner and operator of shuttle tanker operator, announced that it has been awarded a contract to build two  liquefied natural gas (LNG) fueled Shuttle Tanker.According to the fully integrated industrial shipping company, the two new 124,000 DWT LNG fueled shuttle tankers will be built by Daewoo Shipbuilding & Marine Engineering Co. Ltd shipyard in Korea with delivery mid-2022 and the vessels will operate in North Sea under time-charter contract…

06 Feb 2020

Petrobras Charters AET Shuttle Tanker Trio for $525.6M

Image source: AET

Tanker operator AET has won a long-term deal with the Brazilian oil company Petrobras for the charter of three shuttle tankers that will offload oil from Petrobras' offshore oil platforms and FPSOs.AET said Thursday the long-term charters would be for three Suezmax class Dynamic Positioning Shuttle Tankers (DPSTs).The company will own and operate the newbuilding Suezmax DP2 Shuttle Tankers for operations in Brazilian international waters. The estimated contract value is $525.6 million and the charter is expected to start in 2022.AET in December 2019…

05 Dec 2019

TEN Extends LNG Carrier Charter

Image: Tsakos Energy Navigation

The diversified tanker operator Tsakos Energy Navigation (TEN) announced the extension of one of its liquefied natural gas (LNG) carriers for a minimum one-maximum three-year period.The Greek shipping company said that the new increased rate is set to commence in the first quarter of 2020 and expected to generate around $30 million of gross revenues.“We are delighted to continue the employment of our LNG carrier to one of the industry’s top names which highlights TEN’s operational capabilities in this highly demanding sector…

27 Nov 2019

TEN Orders LNG Carrier at HHI

Pic: TEN

Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation (TEN) ordered has one-option-one 174,000cbm LNG carrier from Hyundai Heavy Industries (HHI) in South Korea with expected delivery, the first, in the second half of 2021 and the second, in the first half of 2022.The provider of international seaborne crude oil and petroleum product transportation services said that with this order, if the option is exercised, its LNG proforma fleet increases to four vessels…

29 Oct 2019

Euronav Readies Fleet for IMO 2020 Start

A Euronav tanker in Drydock. Credit: Euronav

Belgian tanker operator Euronav expects to complete preparations on its fleet in coming weeks ahead of tougher rules next year limiting sulphur emissions from ocean-going vessels, a company executive said on Tuesday.Ship owners must cut emissions by reducing the sulphur content in fuel to 0.5% from 3.5% under the rules, which are set by the United Nations' International Maritime Organization (IMO), and come into effect in January.To comply, ship owners can use low-sulphur fuel…

22 Oct 2019

TEN Adds New Aframax Crude Tanker to Fleet

Pic: Tsakos Energy Navigation

Tsakos Energy Navigation (TEN) announced the delivery of an aframax tanker, the first in a series of four advanced technology vessels, built against long-term contracts to a major US oil concern.The Greek crude, product and LNG tanker operator said that the proceeds in time charter equivalent terms, equate to approximately $200 million over the minimum duration.“TEN continues its tested policy of enhancing strategic relationships with major end users,” George Saroglou, Chief Operating…

26 Sep 2019

Maersk Tankers Acquires Seven AET Vessels

Picture: AET

Product tanker operator Maersk Tankers has now completed its acquisition of seven chemical tanker ships, which the company wil take over from AET Tanker Holdings, a Malaysian-owned global shipping company specializing in the ocean transport of crude oil and refined products.Built in Korea in 2009 and 2010, the second-hand Handy vessels are of shallow drafted design with a good cargo intake and an increased chemical/IMO capability.“In line with our strategic goal of developing a dynamic fleet and our belief in the tanker market…

23 Aug 2019

Frontline buys 10 Tankers from Trafigura

Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Frontline Chief Executive Robert Hvide Macleod said in a statement.Trafigura will take an 8.5% stake in Frontline, valued at $128 million, and will receive a cash payment of between $538 million and $547 million.The vessels were all built in 2019 and have been fitted with exhaust gas clea

15 Mar 2019

McQuilling ends tanker contracts with PDVSA

File Image / CREDIT: AdobeStock / © Kasto

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…

21 Jul 2019

Stena Bulk Asks to Visit Crew of Seized Tanker

Photo:Stena Bulk

The British operator of the tanker seized by Tehran, Stena Bulk, made a request on Sunday, July 21st, to visit the 23 crew members of the seized tanker Stena Impero, and is expecting a response from the Iranian government.A statement from the tanker operator quoted President and Chief Executive of Stena Bulk, Erik Hanell, as saying: “I can confirm a formal request for permission to visit the 23 crew members of the Stena Impero has been made to the authorities at the Port of Bandar Abbas.“The request has been acknowledged, but we await a formal response.

12 Sep 2018

Essberger Tankers Sign Deal with GAC

 Image: 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…

03 Jan 2019

Overseas Shipholding Group Enters New Bareboat Charter

Pic: OSG

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.

13 Aug 2018

CMM Selects ABS Asset Management Platform

(Photo: Consolidated Marine Management)

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.

06 Nov 2018

Ardmore Shipping Adds SEDNA Platform

Image: Ardmore Shipping

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…

13 Jun 2018

Euronav Completes Merger with Gener8 Maritime

(Photo: Euronav)

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…

11 Dec 2018

Shell Confirms Oil Leak in Brazilian Waters

(Photo: Shell)

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…

06 Mar 2019

Torm Joins Inatech for IMO 2020 Bunker App

Pic: Torm

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…

10 May 2019

Thun Tankers Takes Delivery of Two Vessels

Anders Källsson, Erik Thun AB, attending the signing ceremony at AVIC. Photo: Thun Tankers

The Swedish tanker operator Thun Tankers takes delivery of first L-Class and second E-Class on the same day. Both vessels will enter the Gothia Tanker Alliance network.On May 9th, Thun Tankers took delivery of the 18,650 deadweight product tanker “Thun Lidkoping”. This L-Class vessel is the first in a series of five resource efficient, high quality tankers built by Avic Dingheng Shipbuilding Ltd in China.On the same day, the 8,000 deadweight “Thun Evolve” was delivered to Thun Tankers by Ferus Smit BV in the Netherlands.

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