Some of the world’s largest oil traders are reportedly hiring supertankers in a possible attempt to stockpile oil supplies following the plunge in world prices. Trading firms including Vitol, Trafigura and energy major Shell have all booked crude tankers for up to 12 months…
Nordic American Tankers Limited (NAT) - Declaration of dividend for the 70th consecutive quarter. The first time was in October 1997.The Board of Nordic American Tankers Limited has declared a cash dividend of $0.22 per share for 4Q2014…
The Thome Group has announced the appointment of a new Chief Executive Officer, Olav Magnus Nortun, who will take up the position on 1st April, 2015.Mr Nortun, a Norwegian national, brings with him vast experience in the maritime industry…
Capt. Panagiotis N. Tsakos named Connecticut Maritime Association 2015 Commodore; award to be presented March 25, 2015 at the conclusion of the CMA's Shipping 2015 Annual Conference and Exposition Capt. Panagiotis N. Tsakos, Founder of the Tsakos Group…
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended December 31, 2014, an increase of 1.2 percent over the cash distribution of $0.6918 per unit for the quarter ended September 30…
Concordia Maritime has just renewed its contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers Stena Provence and Stena Polaris. The agreement will run until the summer of 2015.“This…
McQuilling Services Industry Note on 'Rebalancing Trade Flows: The New World Order' :Many types of crude oil are produced around the world. Depending on the requirements of a particular refinery, a blend of heavy and light crudes is processed to manufacture a variety of petroleum products…
Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), celebrated two significant ship milestones this week. Today, the shipyard held a ceremonial Keel Laying for the second…
Navios Maritime Holdings Inc. has announced several senior leadership changes effective as of January 1, 2015.Shunji Sasada has been promoted to President of Navios Corporation and appointed as a member of the board of Navios Holdings. Sasada…
On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction of two suezmax tankers to be delivered in the third quarter 2016 and first quarter 2017…
Fitch Ratings has published the latest version of its criteria for rating oil vessel backed financings in Latin America. This report updates and replaces the prior criteria of the same name dated Jan. 14, 2014. There have been no substantial changes from the previous version…
Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an LR2 or an MR2? What is the historical rate of return for these tankers? Which tanker class is the riskiest…
Teekay Tankers Ltd. announced that it will acquire four coated Aframax tankers and one uncoated Aframax tanker for an aggregate purchase price of approximately $230 million. The five vessels, which are expected to be delivered in the first quarter of 2015…
General Dynamics NASSCO started construction of another ship in its commercial shipbuilding backlog, starting construction of a second “ECO” tanker to be built for American Petroleum Tankers at a steel cutting ceremony in its San Diego shipyard…
INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA). Rising bunker prices due to rising oil prices and volatility in global politics can have a dramatic effect on trade as they fluctuate not just day to day…