Supported by slow fleet growth and ongoing positive refinery margins, VLCC earnings in Q1-2016 were up from a year ago, but down from Q4-2015 as we expected at $58,367 per day for VLCC (+5.7% year on year). For the minor crude oil carriers…
Scorpio Tankers Inc. announced it has received a commitment from NIBC Bank N.V. for a loan facility of up to $44 million.The loan facility, subject to customary conditions precedent and the execution of definitive documentation, will be…
Crowley Maritime Corporation christened the third of four new LNG-ready Jones Act product tankers at a May 5 ceremony at the Julia Street Cruise Terminal in New Orleans. The 600-foot-long, 50,000-dead-weight-ton (dwt), 330,000-barrel-capacity…
Crowley Maritime Corp. announced it will hold a christening ceremony Thursday, May 5 in New Orleans for the newly built Louisiana, the company’s third of four new Jones Act product tankers. The 600-foot-long, 50,000-dead-weight-ton (dwt)…
Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable, shipping officials said on Tuesday. Attacks in the Gulf of Guinea - a significant source of oil…
Nordic American Tankers Limited ('NAT' or the 'Company') announced today that it has entered into an agreement to acquire four existing Suezmax sister vessels built in Japan at a world-class shipyard. The aggregate price is $106 million. NAT expects the vessels to be delivered during May…
The opening of the offshore season in northern waters has seen specialist oil industry vessels return to Lerwick Harbor during April to support subsea development projects. This month has also brought the first cruise ship of the year to the…
Det Norske Oljeselskap ASA slumped to an operating loss in the first quarter on significantly lower revenue. The company reported a revenues of $ 205 (Q1 2015: USD 329) million in the first quarter. Production in the same period was 60,600 barrels of oil equivalent per day…
For much of 2015, talk of floating storage was dominated by speculation that the contango in crude futures might support crude floating storage, says Gibson Tanker Report. However, at the same time, much of the oil surplus was being absorbed…
A new shipping company has established itself in Vancouver as the Vancouver International Maritime Centre (VIMC) completes its Asia tour, launching in Tokyo, Singapore and Hong Kong. Greystoke Marine Management Ltd. is the latest company to choose Vancouver for its base of operations…
LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry…
At a meeting of the International Oil Pollution Compensation Funds (IOPCF) this week, the International Chamber of Shipping (ICS) has strongly criticised the judgement of the Spanish Supreme Court in the ‘Prestige’ Case. This judgement (in January 2016…
On Saturday, April 23, General Dynamics NASSCO hosted a christening ceremony for the second Jones Act ECO Class tanker for American Petroleum Tankers (APT) under construction at the company's shipyard in San Diego. U.S. Representative Scott Peters spoke at the ceremony…
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…
American Eagle Tankers (AET), a subsidiary of Malaysian shipping line MISC Bhd, said that it will acquire all the remaining shares of Paramount Tankers, making the latter its wholly owned subsidiary. AET will acquire Golden Energy Tanker Holdings’ 50% stake in Paramount Tankers…