Trading Sa News

Plaintiffs seeking to recover from ship managers or the vessels they operate but lacking a direct claim against a particular vessel have developed a clever strategy under U.S. maritime law. They seize a managed vessel under Supplemental Admiralty Rule B and claim the vessel-owning company is an alter ego of the defendant with whom the dispute really exists. In this way, plaintiffs can take advantage of the relatively low evidentiary bar to delve into protracted discovery to develop…

The United States on Tuesday sanctioned a network of oil trading firms, individuals and vessels that have helped Venezuelan state-run oil company PDVSA sell crude mainly to Asia despite Washington's sanctions on the South American nation.The measure targets a network that the U.S. Treasury Department says helped the administration of President Nicolas Maduro, whose 2018 re-election Washington called a sham, broker the sale of hundreds of millions of dollars in Venezuelan oil."Those facilitating the illegitimate Maduro regime's attempts to circumvent United States sanctions contribute to the corruption that consumes Venezuela," Treasury Secretary Steven Mnuchin said in a news release.The Treasury said its Office of Foreign Assets Control…

Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing.The United States had imposed sanctions on Venezuela’s state-owned oil company as part of a bid to topple that country’s socialist president, Nicolas Maduro. U.S. refineries stopped buying Venezuelan crude. Caracas’ ally China, long a major customer, suddenly found itself the top purchaser. Through the first six months of 2019, it imported an average of 350,000 barrels per day of crude from Venezuela.But in August, Washington tightened its sanctions on Venezuela, warning that any foreign entity that continued to do business with the South American country’s government could find itself subject to sanctions.

The first ever reported export of North Dakota's crude oil to Asia left port last month, according to a shipping document seen by Reuters on Wednesday, in what is expected to be the first of numerous cargoes once the key Dakota Access pipeline starts moving oil in May. Swiss-based Mercuria Energy Trading S.A. loaded more than 600,000 barrels of Bakken crude, as well as some Mars Sour crude, in late March off the coast of Louisiana onto the very large crude carrier (VLCC) Maran Canopus, destined for Singapore, according to the bill of loading and ship tracking data. The burgeoning appetite for U.S. crude among Asian refiners could be a boon for Bakken crude, especially when the Dakota pipeline starts up.

AET will purchase the remaining 50% of Paramount Tankers that it currently jointly own (under a 50/50 joint venture agreement) with Golden Energy Tanker Holdings. Paramount Tankers is a JV which owns and operates six Aframax vessels. Commercial management is delivered by AET and technical management is provided by Enterprises Shipping and Trading SA. AET President & CEO, Captain Rajalingam Subramaniam, says,“We are continually looking for opportunities to ensure sustainable growth in our business and to own / operate modern tonnage which serves our customer needs globally. Acquiring the Paramount JV in its entirety allows us to own and operate all six vessels on our own. We are the commercial managers for the vessels and have commenced taking over the technical management.

Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended December 31, 2015. The fourth quarter common unit cash distribution will be paid on February 12, 2016, to unit holders of record on February 5, 2016. All vessels of Capital Product Partners are under period charters to BP Shipping Limited, Cargill International S.A., CMA-CGM S.A., Cosco Bulk Carrier Co. Ltd., CSSA S.A. (Total S.A.), Hyundai Merchant Marine Co.

Rosneft Trading SA, a company of Rosneft Group, and the Egyptian Natural Gas Holding Company (EGAS) signed a Master LNG Supply and Purchase Agreement. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and the Chairman of EGAS Eng. Khaled Abdelbadie during the visit of the President of the Arab Republic of Egypt Hussein Abdel Fattah Saeed Khalil al-Sisi to Russia. In accordance with this document, the parties plan to organize the supply of LNG to the Arab Republic of Egypt. Cooperation with EGAS marks Rosneft Group's entry into the world LNG trading market. Also, implementation of the provisions of the signed documents will, in the long term, open access for Rosneft Group to the Egyptian gas market which has a significant growth potential.

The first B.Delta43 vessel, M/V Venture Goal, was delivered to the Hamburg Bulk Carriers GmbH (HBC) in January 2015. The Deltamarin design has also attracted yet another customer, as Phoenix Shipping & Trading ordered four B.Delta43 handysize bulk carriers at Qingshan Shipyard. The first B.Delta43 vessel for the German shipowner HBC was successfully sea-trialed and delivered on January 24, 2015 at a ceremony at Qingshan Shipyard of Sinotrans & CSC SBICO. The delegation and top management of HBC who attended the ceremony expressed their satisfaction with the ship’s performance, as observed during the conducted trials, where B.Delta43 confirmed predictions on speed and deadweight to a very high accuracy.

International diversified shipping company Capital Product Partners L.P. announced that it has secured time charter employment for the M/T Aias and M/T Arionas. The M/T Aias (150,393 dwt, Crude Oil Carrier, built 2008, Universal Shipyard, Japan) will be employed with Repsol Trading S.A. (Repsol) for three years (+/- 30 days) at a gross daily rate of $26,500. Previously the vessel was employed under a time charter to Capital Maritime & Trading Corp. (CMTC) at a gross rate of $24,000 per day. The new charter will commence in February 2015 and marks the opening of a new time charter relationship for the Partnership with Repsol. The M/T Arionas (36…

The U.S. Coast Guard (USCG) Port State Control (PSC) updated its list of vessels and ship management companies that are prohibited from carrying U.S. government impelled cargos. Americas Marine Management Services, Inc. Caribbean Ship Services, Inc. Elicla Maritime Advisor & Broker Inc. Enterprises Shipping & Trading S.A. Fusion Holdings International S.A. Held Bereederungs Gmbh & Co. Jutha Maritime Public Co. Ltd. Labris Co Ltd. Norbulk Shipping UK, Ltd. Nordana Line (Singapore) Inc. Nordica Schifahrts GmbH & Co. Northway Marine Corp. Sea Trader International Co., Inc. Seatrade Groningen B.V. V Ships (UK) Ltd. Valencia Shipping Corp. Wavecrest Shipmanagement, Inc.

Standard Chartered Plc said its $175 million provision to cover its exposure to suspected commodities fraud in China was the result of a conservative view of possible costs but didn't believe there were widespread problems in the sector. Chinese authorities launched an investigation in May into whether metals trading firm Decheng Mining and related companies used fake warehouse receipts at Qingdao Port to obtain multiple loans secured against a single cargo of metal. "We believe that in the provisioning we have taken we have taken a very conservative approach. Our exposure in the warehouses around Qingdao is around $250 million in total," StanChart Chief Executive Peter Sands told reporters on a call on Wednesday after the London-based bank announced first-half results.

The Maritime and Coastguard Agency (MCA) announced that nine foreign flagged ships were under detention in U.K. ports during October 2013 after failing Port State Control (PSC) inspection. Latest monthly figures show that there were six new detentions of foreign flagged vessels in U.K. ports and three vessels remained under detention from previous months. Only six vessels remain under detention at the end of this month.

CIT Maritime Finance has provided a $83.7 million senior secured credit facility to PST Tankers LLC, to finance the acquisition of a fleet of 8 product tankers managed by Product Shipping & Trading S.A., a company controlled by Pappas family interests. The fleet includes two Handysize (MRs) and six Long Range (LR1s) tankers originally belonging to Omega Navigation. 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. “This transaction represents our first financing of a fleet of modern product tankers acquired in the secondary market,” said Svein Engh , Managing Director and Group Head of CIT Maritime Finance.

At the 151st Annual Meeting of the Members of ABS, and the subsequent meeting of the ABS Council, industry leaders were elected to serve on a number of bodies that contribute to the operation of the classification society as it fulfills its mission of promoting the security of life and property and preserving the natural environment. "ABS' strength as a global classification society is drawn from its membership and the many regional, national and technical committees that contribute to the process of developing practical, impartial and authoritative standards," said ABS Chairman Robert D. Somerville. •    Robert G. •    James G. •    Maria F. •    Chow Yew Yuen, Keppel Offshore & Marine USA Inc. •    Dr. Jen-Hwa Chen, Chevron Shipping Co. •    Dr.

Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) reported results for the fourth quarter and full year ended December 31, 2010. -- Voyage revenues of $408.0 million. $3.1 million. million. -- EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). $7,647. -- Fleet utilization of 97.6%. -- Sale of five tankers with a net gain of $19.7 million. panamax product carriers with employment. -- Change from twice yearly to quarterly dividends. in 2010 of $0.60. -- $105 million raised in equity offerings. -- Approximately $1.0 billion in net income since NYSE listing. -- Voyage revenues of $95.0 million. million. -- Income $0.5 million, before impairment charge of $3.1 million. loss of $2.6 million, after impairment charge. vessel impairment charge. $7,284.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (NASDAQ: SHIPW) announced that it has closed on its previously announced agreement to purchase a 50% ownership interest in Bulk Energy Transport (Holdings) Limited (BET) from Constellation Bulk Energy Holdings, Inc. BET's other equity owner is Mineral Transport Holdings, Inc., which is an affiliate of members of the Restis family, one of the Company's major shareholders. The purchase price for the shares was $1. BET owns five drybulk carriers, four Capesizes and one Panamax. As result of this acquisition, the Company's controlled fleet increases to a total of 11 vessels with a carrying capacity of approximately 1,043,296 dwt and an average age of about 13 years.

Arcade Acquisition Corp. announced that it has entered into a series of agreements pursuant to which it has agreed to acquire ten (10) feeder service containerships (with a total capacity of 21,135 TEU) for an aggregate purchase price of $261.7 million.  Six of the ten vessels will be purchased from Palmosa Shipping Corp. in exchange for common stock and the repayment of debt and four will be acquired from companies whose ships are managed by Tsakos Shipping & Trading S.A. for a combination of cash and common stock.

Tsakos Shipping and Trading S.A. is the Technical Management Company responsible for a number of Principals, including Tsakos Energy Navigation Limited, who operate an international fleet of approximately 90 vessels, comprising of crude and product tankers, dry bulk carriers and containers. The Seagull Training System is designed to meet all its training requirements in a single product. This is a dedicated training computer system, configured to meet its precise needs and installed with the latest/upgraded software, including the acclaimed Seagull Training Administrator to monitor and manage all the training activities.

Höegh LNG and Mitsui OSK Lines, Ltd. (MOL) confirm the signing of long term time charter parties for two Shuttle and Regasification Vessels (SRV) with SUEZ LNG Trading SA. These vessels are specifically designed to service an offshore natural gas import terminal to be built in Massachusetts Bay offshore the city of Boston on the US East Coast. The vessels will be delivered in 2009 and 2010. The SUEZ owned Neptune LNG LLC received the final license issued by MARAD for the construction of the terminal on 23 March. The LNG re-gasification vessels and the deepwater port installations can meet the most stringent environmental regulations anywhere in the US for such terminal facilities.

features Cummins-powered generator sets. Trading, S.A. of Istanbul Turkey. joined the fleet of John H. Whitaker (Tankers) Ltd. of the U.K. Cargo holds total 4682 cubic metres with a 163 cubic metre slop tank.. Ballast tanks will accommodate 2000 tons. into a Rolls Royce 3:1 gear. 304/5 HX) each powered by a Cummins KTA19 D(M1). powered by a Cummins 6BT D(M).