Tankers International News

Tankers International, the world’s largest shipping pool for VLCCs, announced that Transportation Recovery Fund (TRF) operated vessel the TRF Horten has joined its specialist VLCC Scrubber Pool.The TRF Horten (297,638 DWT / Built 2018) was delivered to Tankers International earlier this month. The total size of the Tankers International fleet now stands at 64 VLCCs, and the specialist Scrubber Pool has increased in size to 36 vessels.The addition of the TRF Horten has reduced the average age for the scrubber pool to seven years…

Tankers International, a shipping pool for very large crude carriers (VLCC), announced an update, including a new subscription scheme, for its VLCC Fixture app.First launched in 2014, the Tankers International VLCC Fixture app provides fixture data for the global VLCC fleet, including data that was once only provided to a select few brokers. The app has received over 259,000 visits a month since it was re-launched in December 2021.Paid app subscribers will benefit from faster data updates and a suite of additional insights.

The Mercuria-operated Seaways Kilimanjaro has joined Tankers International’s specialist VLCC Scrubber Pool.The Seaways Kilimanjaro (296,999 DWT / Built 2012) was delivered to Tankers International on March 15. The total size of the Tankers International fleet now stands at 58 VLCCs, and the specialist Scrubber Pool has increased in size to 21 vessels, with four more retrofits expected to join throughout 2022.Charlie Grey, Chief Operating Officer, Tankers International, said, "The addition of the Seaways Kilimanjaro further improves the unrivalled strength and depth of our pool, which will deliver unique benefits for Mercuria as well as our other Pool partners.

Tanker shipping company Team Tankers International Ltd. said it has formed a joint venture (JV) with ship management specialist V.Group, whereby Team will transfer its in-house managed fleet, consisting of ten MRs and two 25k coated vessels, to the JV, along with its on shore technical organization and seafaring expertise. Team already has 21 ships with V.Group for technical management.Team will own 30% and V.Group 70% of the JV, Dania Ship Management AS Denmark, which will continue to be based in Copenhagen, although additional parties may join in the future.The joint venture start-up date is April 1, 2020.

Bermuda-based global shipping company Team Tankers International finalized the sale of the last two of its five older medium range (MR) tankers.Team Tankers has managed to free up a funds for new investments after divesting MR tankers, said CEO Hans Feringa.Feringa said: “We finalized the sale of the last two of our five older MRs at attractive levels, concentrating our efforts on our younger, more sophisticated, deep sea assets. With the sale of the older MRs and certain intermediate ships, we have freed up capital for investment activity and positioned ourselves for 2020 with a more focused deep sea fleet. ""The divested asset prices in this quarter are at price levels well above what is implied by the 3rd quarter traded share prices, further proving value for our shareholders.

Hunter Tankers, a wholly owned subsidiary of the Norwegian investment company Hunter Group, has taken delivery of the second of seven identical ECO design VLCC newbuildings, the Hunter Saga.The vessel was handed over from Daewoo Shipbuilding & Marine Engineering (DSME) on October 19.One additional VLCC is scheduled for delivery in 2019, while the remaining four vessels will delivered between March and July 2020.All seven of the Company’s VLCCs are built to the highest standards and will be fitted with scrubbers.With reference to the sale-and-leaseback transaction announced on 6 September 2019, Hunter Saga was today, simultaneously with acceptance from DSME, delivered to and immediately bareboat chartered back from Ship Finance International Limited.

Hunter Tankers, a wholly owned subsidiary of the Norwegian investment company Hunter Group, has taken delivery of its first of seven identical ECO design VLCC newbuildings, the Hunter Atla.The vessel was handed over from the South Korean shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME), said the company.Two additional VLCCs are scheduled for deliveries in 2019, while the remaining four vessels will delivered between March and July 2020.All seven of the Company’s VLCCs are built to the highest standards and will be fitted with scrubbers.With reference to the sale-and-leaseback transaction announced on 6 September 2019…

Hunter Tankers, a subsidiary of Norwegian investment company Hunter Group, has selected Tankers International Ltd as commercial manager for its fleet of very large crude carriers (VLCCs).According to Oslo-based company, Tankers International, a chemical tanker company, would establish “the world’s first scrubber-fitted VLCC pool.”In addition to the Hunter vessels the pool will consist of vessels from Hartree Maritime Partners Ltd., International Seaways Inc., Oak Maritime (HK) Inc., and Ridgebury Tankers.The Scrubber Pool will consist exclusively of modern scrubber-fitted VLCCs operated and maintained to the highest standards and will, combined with TI’s existing VLCC pools, represent the largest VLCC fleet in the world with more than 70 VLCCs on a fully delivered basis.

Bermudan tanker owner and operator Team Tankers International has committed four additional ships to using the the anti-barnacle active agent Selektope following fouling prevention performance during a 40-month trial of an antifouling coating containing the technology on an MR tanker in their fleet.The vertical sides of the46,067DWT chemical and products carrier Team Calypso were coated with Chugoku Marine Paints’ SEAFLO NEO CF-Premium antifouling coating that contains Selektope during its five-year drydocking at the Sembcorp shipyard, Singapore in 2015.During the last 40 months the MR tanker has been in active operation across a wide range of trade routes globally…

First quarter 2019 proved to be an unusual and largely resilient one for the large crude tanker sector, said Euronav NV, the largest NYSE listed independent crude oil tanker company in the world.The OPEC production cuts of 1.2m bpd announced in Q4 2018 impacted Q1 trading and represents around 3% of the crude which is seaborne each day.Nearly 30  very large crude carriers (VLCC) equivalents were delivered to the global fleet during the same period – an increase of 3% in fleet supply.Despite this demand reduction and increase in supply – the “level” or freight rates in VLCC terms were resilient posting USD 35,000 per day – equivalent to that delivered in Q4 2018.

US-based tanker owner Diamond S Shipping Inc. said it has appointed Kevin M. Kilcullen as its new Chief Financial Officer.Kilcullen comes to Diamond S from Oslo-listed chemical and product tanker owner/operator Team Tankers International Ltd., where he served as CFO for three years. Prior to that, he was CFO at Principal Maritime LLC, a private equity backed owner of crude and chemical tankers.Diamond S Shipping Inc. expects to become an NYSE-listed company with the closing of its combination with the crude and product tanker business of Capital Product Partners L.P. later this month. The firm will own 16 crude and 52 refined product tankers.“The company is listing in the public market at a cyclically opportune time and is well positioned for future industry consolidation,” Kilcullen said.

Team Tankers International, the owner and operator of chemical tankers for the seaborne transportation of liquid chemicals worldwide, announced that Kevin Kilcullen has resigned his post as chief financial officer (CFO)."Kevin Kilcullen today tendered his resignation as Chief Financial Officer of Team Tankers International to pursue another professional opportunity," said a press release from the shippig company.The resignation will take effect on April 17, 2019 and he will continue with the Company until that date to ensure an orderly transition.Jens Gisle Schnelle, currently Head of Financial Planning and Analysis, will be promoted to acting Chief Financial Officer of the Company as of April 18, 2019, succeeding  Kevin Kilcullen.Mrs.

Belgium-based international shipping enterprise Euronav NV  has sold the LR1 Genmar Compatriot (2004 – 72,768 dwt) for USD 6.75 million. This was only remaining product tanker.According to a press note from the tanker company engaged in the ocean transportation and storage of crude oil, the will sale record a capital gain of approximately USD 0.4million in the second quarter.The LR1 Genmar Compatriot joined the Euronav fleet as part of the Gener8 merger in June 2018 and was always a non-core asset to the Company.With this LR1 being sold, Euronav’s owned and operated fleet consists of 72 top segment vessels: 2 ULCCs, 43 VLCCs, 25 Suezmaxes and 2 FSO vessels (both owned in 50%-50% joint venture).Euronav employs its fleet both on the spot and period market.

Belgian crude oil shipper Euronav NV said on Thursday it saw the return of a strong freight rate market during the fourth quarter, signalling a strong start to 2019.The company's core earnings (EBITDA) rose by 16.5 percent to $102.3 million in the last quarter of 2018."VLCC (very large crude carriers) freight rates trading at rates not seen in the last two years demonstrate an already tight balance between tanker demand and supply," Chief Executive Paddy Rodgers said in a statement.Though…

Euronav NV announced that the Company has sold the Suezmax Cap Romuald (1998 – 146,640 dwt) for USD 10.6 million.The vessel was delivered to her new owners on 22 August. The Company will record a capital gain of approximately USD 9 million in the current quarter.The sale of the Cap Romuald is part of a fleet rejuvenation program. Together with the sale Euronav is taking in operation four new Suezmax vessels, of which three (Cap Pembroke, Cap Quebec and Cap Port Arthur) have already been delivered, with the remaining one due for delivery at the end of August.Those 4 vessels will all go under seven year time charter contracts with a leading global refinery player.Euronav's fleet includes FSOs…

Bermuda-based chemical tanker company Team Tankers International managed to return to profitability in the second quarter of 2018,  as 14 new ships from recent acquisitions boosted earnings.The company posted a net income of USD 4.4 million in Q2 2018, compared to a net loss of USD 7.3 million in Q1 2018 and a net loss of USD 7.1 million in Q2 2017.The average time charter equivalent rate for the fleet was $11,316 per day this quarter, compared with $10,610 per day in the previous quarter.Team's CEO, Hans Feringa, said "We have successfully integrated the Team and Laurin operations and have established commercial and operational hubs in Copenhagen, Houston and Singapore.

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, each constructed at Shanghai Waigaoqiao Shipbuilding Co. International…

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…

Team Tankers International Ltd. (TEAM) said that the company has agreed to sell the Tour Margaux (8,674 dwt, built 1993). The transaction closed and the ship was delivered to the buyer in July. The vessel is classified under Vessels Held for Sale as of June 30, 2017. Subsequent to the quarter, the Company sold the Sichem Dubai (12,888 dwt, built 2007) immediately prior to its upcoming special survey. To replace the capacity, the Company time chartered the Leon M (12,959 dwt, built 2008) in July. The net loss for the 2nd quarter of 2017 was $7.1 million, compared with a net loss of $6.6 million in the 1st quarter of 2017 (Q2'16 net loss: $4.4 million).

The challenging freight market during the third quarter came despite some encouraging signs with active scrapping of vessels returning (nine VLCCs scrapped plus one removed from fleet for FPSO project; six Suezmax scrapped during the third quarter) incentivized by a steel price at near three-year highs, says Euronav NV. This was supported by continued upgrades to crude oil demand with the IEA raising its forecast for 2017 from 1.2 mbpd to 1.6 mbpd over the course of the third quarter and U.S. crude exports again making further progress to record on average 933k bpd for the third quarter. However, the VLCC order book continued to expand with 13 new orders placed during the third quarter largely outpacing this re-emergence of sector discipline in scrapping.

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, Team Tankers adds a leading medium range tanker (MR) operator with commercial and technical expertise to the Company's robust chemical tanker platform.

International Seaways, one of the largest tanker companies worldwide, said it acquired a 2010-built VLCC for $53 million, the Seaways Raffles, which commenced trading in the Tankers International pool, during the fourth quarter of 2017. During the fourth quarter, the company, which provides energy transportation services for crude oil and petroleum products in International Flag markets,  sold a 2004-built MR, which was delivered to buyers in November 2017. The Company also sold a 2002-built MR, which delivered to buyers in January 2018, and a 2004-built MR, which delivered to buyers in February 2018. Net proceeds received from the two ships delivered to buyers in 2018 totaled $17.9 million.

Team Tankers International announced that the acquisitions of Laurin Shipping AB and Anglo-Atlantic Steamship Company have been completed. The Bermuda-based chemical tanker company on 28 February 2018 and 23 March 2018 regarding its agreements to acquire all of the outstanding shares in each of Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. The preliminary purchase prices payable at closing for the shares in Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. have been estimated to USD 10.4 million and USD 55.3 million respectively. The preliminary subscription price for the shares in the Company has been estimated at USD 2.00 per share (approximately NOK 15.70 at current exchange rates) and a total of 21…