Product Tanker Purchase Assisted by CIT Group Financing
CIT Group Inc has provided a senior secured credit facility to Tanker Solutions, a joint venture between funds managed by TPG Credit Management and Prime Tanker Management, to support the purchase of 'MT Pike' (formerly the 'M/T Starling'), a 73,700 DWT LR1 product tanker built in 2008. The financiers say that the vessel represents the first asset acquisition by Tanker Solutions and will be operated by Prime Tanker Management. “With this transaction, we continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.
SSS: Separate Storage Shuttling
The advent of FPSO and Shuttle Tankers serving the deepwater fields of the Gulf of Mexico is drawing closer, as oil companies study the most economical means to move product from point A to B, particularly from remote and deepwater portions of the Gulf of Mexico. The GOM region, which has one of the more complex subsea piping systems in the world, is ripe for the shuttle tanker solution as the search for oil and gas pushes further from the shore. The question then does not center on "if," but rather "when." American Shuttle Tankers (AST) is touting its S-S-S, or Separate Storage Shuttling solution. The system is unique in that it works with any floating production system — a key point given the fact that there are zero FPSO projects currently underway — including semisubmersibles…
Tanker Spills Oil in Louisiana
A Dutch flagged product tanker has reportedly discharged 2,600 gallons of heavy fuel oil into the Mississippi River near Norco, La., Monday. The cause of the spill is under investigation.The U.S. Coast Guard said it is responding to the incident after its watchstanders in New Orleans received a report of the oil discharge from the vessel Iver Exporter at approximately 1 a.m.The source of the discharge near mile marker 126 on the Lower Mississippi River is reported to be secured…
Shell, AET Deal for LNG Aframaxes
Malaysian-owned global shipping company specialising in the ocean transport of crude oil and refined products AET Tankers and Shell International Trading and Shipping Company formalised arrangements for the long-term charter of AET’s two newbuild liquefied natural gas (LNG) dual-fuelled Aframax tankers. AET’s two 113,000 dwt vessels are currently being built by Samsung Heavy Industries in South Korea and are due for delivery from Q3 of 2018. The arrangements will see Shell take both vessels on a long-term charter commencing in Q4 of this year.
LNG Tanker Sailing to Netherlands' Gate Terminal
Liquefied natural gas (LNG) tanker Vladimir Rusanov set to arrive at Netherlands' Gate terminal on April 25, according to Reuters shipping data.The tanker has a capacity of 170,000 cubic metres and is coming from Russia's Yamal LNG terminal.The tanker went to Gate terminal earlier this month. Reporting by Nina Chestney
Crowley Acquires Three SeaRiver Tankers
Crowley Alaska Tankers, LLC, has completed its acquisition of three tankers from SeaRiver Maritime Inc. and is now chartering the vessels back to SeaRiver under varying multi-year terms.The tankers Liberty Bay and Eagle Bay, now under Crowley ownership and operation and renamed Washington and California respectively, each have a capacity of 760,000 barrels and transport crude from Alaska to West Coast refineries. The tanker SR American Progress, renamed Oregon, has a capacity of 342,000 barrels and transports refined petroleum between the U.S.
Navios Buoyed by JPMorgan Duble Upgrade
Navios Maritime Acquisition Corporation Inks Sale and Leaseback Pact
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has completed a $71.5 million sale and leaseback agreement for four MR2 product tankers. The proceeds have been used to extinguish $69.25 million of indebtedness. The Agreement provides for 24 quarterly payments of $1.5 million each plus interest at LIBOR plus 305 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of sixth year for $35.8 million.
$252m Finance for LNG-Powered Tankers
Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), as agent, security trustee and the syndicate of lenders on the US$252m financing of the world’s first ever LNG-powered aframax tankers for leading Russian shipowner Sovcomflot Group (“SCF”). The six 114,000dwt, ice-class vessels are being built by Hyundai Samho, with two of the vessels to operate under time charter to Shell for up to ten years. Shell will also provide LNG fuel for all six tankers across north-west Europe and the Baltic.
Papua New Guinea LNG Project Resumes Exports
A liquefied natural gas (LNG) tanker has left Papua New Guinea laden with the first export cargo of the supercooled fuel since the country's giant LNG project resumed production after a major earthquake triggered a shutdown in February, Thomson Reuters Eikon shiptracking data showed on Monday. The tanker's destination wasn't immediately clear, but the resumption of shipments could put pressure on spot LNG prices, traders said. ExxonMobil Corp restarted output at the project near the capital Port Moresby a fortnight ahead of schedule, its Australian partners said late last week.
Teekay launches digital dashboard 'The Helm'
Teekay Tankers Ltd. has launched a vessel dashboard portal called The Helm that is designed to give pool partners a transparent, real-time direct link to commercial, technical and market data pertaining to their vessels.For Teekay Tankers CEO, Kevin Mackay, The Helm is a way Teekay Tankers can harness digital technology and big data tools to stay at the forefront of tanker market trends: “Our commercial team has been building out its service offering to customers and partners over the last couple of years.
Tanker Rescues Castaway in South China Sea
Mitsui O.S.K. Lines, Ltd. announced that on April 14, 2018, the MOL-operated/managed crude oil tanker Altair Trader rescued a castaway in the South China Sea.At 19:10 local time on April 14, while underway in the South China Sea toward the port of Kawasaki, Japan, the Altair Trader noticed a light on the sea surface ahead the starboard and spotted a castaway.The vessel immediately turned around and started rescue operations, and by 20:28 the same day, the survivor was safely rescued.At 22:30 on April 15…
Sinanju Orders Singapore's 1st Dual-Fuel Bunker Tanker
Singapore-based Sinanju Tankers Holdings has ordered what it says will be Singapore's first dual-fuel bunker tanker, to be powered mainly by liquefied natural gas (LNG).
Update: Ship Leaking Butane after Collision in Singapore
Singapore's Maritime and Port Authority (MPA) said it is investigating a collision between two tankers in Singapore waters on Tuesday that led to a leak of liquefied petroleum gas (LPG) from one of the ships.An estimated 1,796 tonnes of butane gas leaked from the LPG tanker involved but this posed no danger to shipping and measures had been taken by the ship's crew to stop the leak, MPA said in a statement."As liquefied butane has a high evaporation rate, MPA has assessed that any leaked butane would have been carried southward away from mainland Singapore…
Shipbuilding: StealthGas Adds LPG Vessel
StealthGas announced the delivery of its last newbuilding LPG vessel and the completion of its newbuilding program. The vessel delivered yesterday (April 17, 2018) is a 22,000 cbm ice class semi refrigerated hybrid scrubber fitted eco LPG carrier, the Eco Freeze, the fourth and last 22,000 cbm semi refrigerated eco LPG newbuild. This acquisition concludes the Company’s expansion phase which commenced in 2011 and totaled the acquisition of 26 newbuilding LPG vessels. Twenty ships were delivered from Japanese yards and six from South Korean yards. StealthGas Inc.
LPG, Fuel Tankers Collide off Singapore
Two oil products tankers had collided off Singapore coast but the impact of the accident was not immediately clear, industry sources familiar with the matter said on Tuesday. The tankers were identified as Crystal Sunrise, chartered by Japanese liquefied petroleum gas (LPG) firm Gyxis, and Astro Saturn chartered by European trading house Trafigura. "We can confirm that the Astro Saturn is on TC (time charter) to Trafigura and is carrying fuel oil," said it's spokeswoman without elaborating further.
First Cove Point LNG Lifting Departs Maryland
The first contractual liquefied natural gas (LNG) cargo from Dominion Energy Inc's newly constructed Cove Point LNG export plant in Maryland in the United States left the facility on Monday, Thomson Reuters Eikon ship tracking data showed. The cargo is expected to act as a drag on spot LNG prices <LNG-AS> as it coincides with the resumption of exports of the fuel from the Papua New Guinea LNG plant, which had been shut following a powerful earthquake. The 160,000-cubic metre LNG tanker Adam LNG left Cove Point on Monday with a draft of 91 percent, suggesting it was full, according to the data.
Feringa Exits NORDEN’s Board of Directors
Team Tankers CEO, Hans Feringa, has resigned from the board of directors at Dampskibsselskabet NORDEN A/S following Team Tankers’ acquisition of a potential competitor to NORDEN’s tanker business. Team Tankers announced on Wednesday that it acquired Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. “To avoid any conflicts of interest Hans Feringa has decided to resign from the Board at NORDEN,” said NORDEN’s board chairman, Klaus Nyborg. NORDEN said its board will initiate a search for suitable replacement candidate(s).
Aker Solutions to Supply Loading Systems for Shuttle Tankers
Aker Solutions has been awarded contracts for the supply of Pusnes offshore loading systems for ten shuttle tankers that will operate in Brazil and Norway. The total contract value for Aker Solutions is approximately NOK 150 million. Several major South Korean shipyards have awarded Aker Solutions contracts for the supply of Pusnes bow loading system for 10 suezmax shuttle tankers. Eight of the shuttle tankers are being built for various ship-owners, and will operate in Brazilian waters. Two of the shuttle tankers will operate for a Norwegian ship-owner at the Goliat field in the Barents Sea. The Pusnes bow loading system enables a safe and secure connection for the hose to the shuttle tanker.
Pirate Attacks Worsen in Gulf of Guinea - IMB
A surge in armed attacks against ships around West Africa is pushing up global levels of piracy and armed robbery at sea, warns the International Chamber of Commerce's International Maritime Bureau (IMB). IMB's Piracy Reporting Center recorded 66 incidents in the first quarter of 2018, up from 43 for the same period in 2017, and 37 in Q1 2016. Worldwide in the first three months of 2018, 100 crew were taken hostage and 14 kidnapped from their vessels. A total of 39 vessels were boarded, 11 fired upon and four vessels hijacked. IMB received a further 12 reports of attempted attacks.
Wärtsilä VOC Recovery for AET Tankers
Wärtsilä will supply its Volatile Organic Compounds (VOC) recovery technology, LNG fuel gas handling systems and the auxiliary engines for two new shuttle tankers being built for Singapore based AET Tankers at the Samsung Heavy Industries shipyard in South Korea. The order, worth in total more than $37 million, was booked in January 2018. The ships will operate on Liquefied Natural Gas (LNG) as the primary fuel, but VOC – the gas evaporating from the oil cargo tanks – will also be utilised as fuel by mixing it with the LNG, thereby reducing the vessels’ bunkering needs.
Sea IT Inks ICT Deal with Veritas Tankers
Sea IT has signed a long-term ICT agreement with Veritas Tankers including installation of the BlueCLOUD Office platform at Veritas Tankers’ headquarters. BlueCLOUD Office is a cloud-based solution which fully integrates the fleet and the office communication as a one-stop-shop. BlueCLOUD Office is a dynamic service that enables Veritas Tankers management to instant access where they can easily add and remove users or change user rights. Besides BlueCLOUD Office, Veritas Tankers also benefit from the module BlueCONNECT, a virtual software that acts as mail server and carrier controller. Sea IT has previously entered a Fixed BlueCORE ICT agreement with Veritas Tankers to upgrade all its vessels - Astina, Astral and Astoria - during a three-year period.
Sea IT Secures ICT Contract with Maersk Tankers
Sea IT informs it has signed a long term strategic ICT contract with Maersk Tankers covering all vessels operated within its fleet. The four-year-long ICT contract includes a unique modification of BlueCORE which has been customized to fit Maersk Tankers' global business operations and security standards. Under the contract, Sea IT will install a customized solution of its flagship product BlueCORE, a complete IT system including Wi-Fi, on the Maersk Tankers fleet, which includes approximately 100 vessels around the globe.