HIGHLIGHTS:• Revenue rose 9.3% to $26.1 million despite loss of bareboat charter revenue from three chemical tankers leased to BLT• Revenue contribution from chemical tankers to be deployed in the ‘Nordic Siva’ pool and product tanker to…
American Commercial Lines Expands Liquid Cargo Fleet With Purchase of Eight 20,000 Barrel Capacity Tank Barges. American Commercial Lines (ACL) today announced the purchase of eight 20,000 barrel capacity tank barges from SeaRiver Maritime Inc…
HSBC reminds UAE forum of growing importance of MENA (Middle East, North Africa) & China trading corridorsTrade corridors between China and the MENA region carry huge economic growth potential for businesses, offering the greatest prospects…
A letter to the U.S. Energy Information Administration (U.S. Department of Energy) from American Maritime Partnership disputes EIA domestic tank vessel estimates. Text of letter is shown below: March 14, 2012Ms. Shirley NeffU.S. Energy Information AdministrationU…
Oil and gas professionals tip Australia to become world’s largest gas exporter by 2030. Delegates at the 2012 Australasian Oil and Gas Conference forecast huge growth in Australia’s role in the energy markets, tipping the country to become the largest gas exporter by 2030…
FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust reportes that it has sent notices to its lessees, wholly-owned subsidiaries of PT Berlian Laju Tanker Tbk, to demand for the redelivery of its three chemical tankers…
Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in providing energy transportation services, announced that its Board of Directors has suspended the payment of regular quarterly dividends. No dividend will be paid in the first quarter of 2012…
Vale uses Logmarin to develop the world’s largest floating bulk terminal. Genoa-based Logmarin Advisors, part of the RINA Group, has enabled Brazil’s Vale SA to convert the Ore Fabrica (the former VLCC Front Duchess) into the world’s largest transhipment vessel…
Teekay Tankers Ltd. (NYSE:TNK) announced today that it plans to offer 15,000,000 shares of Class A common stock of the Company in a public offering. Teekay Tankers expects to grant the underwriters a 30-day option to purchase up to an additional 2…
With so much discussion of the poor freight rates available to VLCC owners hiring their ships out for voyages from the Middle East to major consumers east and west, it is informative to see how much the spot market for VLCCs has changed in just a few years…
A U.S. proposal to sanction Iran’s state-owned oil company and its main tanker fleet may ensnare any person or business in the world involved in purchasing or shipping Iranian oil, according to a report from Bloomberg. Pressure is mounting on Iran’s nuclear program…
Hanne B. Sørensen has been appointed new CEO of Maersk Tankers with effect from 13 February 2012. Hanne B. Sørensen has until now held the position as Chief Commercial Officer (CCO) of Maersk Line and replaces Søren Skou, who recently assumed the position as Maersk Line CEO…
Mitsui O.S.K. Lines, Ltd. has decided to scrap five double-hull tankers (four VLCCs, one Suezmax) by the end of March 2012. Scrapping of two vessels is already completed, and preparations are under way to start dismantling the other three. All five tankers were crude carriers launched before 1998…
Aims at Rejuvenation of the Fleet, Higher-quality Services. Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced a decision to scrap five double-hull tankers (four VLCCs, one Suezmax) by the end of March. Scrapping of two vessels is already completed…
2011 A Year of Growth for Pools. After 19 years with the company, the board of Heidmar has, with regret, accepted the resignation of its CEO, Tim Brennan. Mr Brennan will remain at the company for a mutually agreeable time in order to assist in the transition to a new management structure…