On June 1st 2016, Ms Marianne Lie assumed the position of Executive Vice Chair of Nordic American Tankers Limited (NAO). Prior to this Ms Lie had served as the non-executive Vice Chair of NAO since the end of 2013, shortly after NAO was established…
National Shipping Company of Saudi Arabia (Bahri) said on Sunday it signed a deal with Arab Petroleum Investments Corp. (APICORP) to launch a $1.5 billion investment fund that could buy up to 15 very large crude carriers (VLCCs).The fund will be seeded with $500 million on three occasions…
The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a Secondhand Capesize Dry Bulk Carrier “Jag Anand” (2011 built) of about 179,250 dwt. The company had contracted to buy the vessel in June 2016. With the inclusion of the vessel…
The Great Eastern Shipping Company Limited (G E Shipping) signed a contract to buy a Medium Range Product Tanker of about 48,539 dwt. The 2005 Japanese built vessel is expected to join the Company’s fleet in Q2 FY17. The Company’s current fleet stands at 33 vessels…
United Arab Shipping Co (UASC) is considering the sale of its stake in United Arab Chemical Carriers (UACC) for oil and petrochemicals as part of its plans to merge with German container line Hapag-Lloyd, says Bloomberg. UASC hopes the sale will fetch over $600m…
Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway. A tribunal in The Hague…
OEM Group has secured a two-year contract worth up to £1 million with Go Marine to deliver engine support services to its fleet of vessels operating across the world for the oil and gas industry. Under the global technical support and services agreement…
Q88 LLC introduced a global support program that coordinates quick response and expert consultation for chemical spills/incidents and medical emergencies occurring onboard vessels at sea.Known as Q88 Response Center, the new program leverages the resources of Spill Center…
With implied volatility in the Capesize sector being historically higher than that of the Panamax, this note observes and highlights their behavioral patterns (via the spread) after an expiry, says Freight Investor Services. Current Capesize Q4 implied volatility is at 103…
China’s Unipec remained the top spot charterer of dirty tankers and VLCCs in the first half of 2016, according to Poten & Partners. In stock of the spot market activity in the dirty tanker market nothing (much) has changed between 2015 and 2016…
The 11-strong crew of the MT Maro has been released after being held for two years in Nigeria. The ruling was made on June 30 and, after securing emergency travel documents, the crew arrived in Delhi, India on July 3 to be reunited with their families…
Scorpio Tankers Inc. announced that it has received a commitment for a loan facility up to $300 million from ABN AMRO Bank N.V., Nordea Bank Finland plc, acting through its New York branch, and Skandinaviska Enskilda Banken AB. The loan…
The tanker fleet has grown over the past twelve months by another 203 units amounting to 21.9 million dwt, says Gibson's Mid-Year Review of Weekly Tanker Market Report. This follows a period of very limited fleet growth (across all but…
Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,528,211.Transaction date Quantity…
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is still money to be made in the second half of 2016.The oil product tanker market has reached a net fleet growth of 4…