McQuilling ends tanker contracts with PDVSA
A second maritime firm has told Venezuela's state-run oil firm Petroleos de Venezuela it would end all charter contracts with the company as a result of U.S. sanctions, according to an internal document and a person familiar with the matter.U.S.-based McQuilling Partners Inc, which provided PDVSA with four contract tankers, joined German tanker operator Bernhard Schulte Shipmanagement (BSM) in withdrawing from providing oil-shipping services to Venezuela.The United States levied…
New Consortium to Improve Crew Management
Maritime Blockchain Labs (MBL), founded by blockchain technology and governance experts BLOC and the Lloyd’s Register Foundation, has announced the establishment of a consortium that will pilot a blockchain-based seafarer certification system.The project aims to streamline and expedite processes that can be marred by a lack of verification for safety documentation, paper-based certificate management and a lack of access to validated safety and training certifications of seafarers.
Ardmore Shipping Partners With SEDNA
Product and chemical tanker operator Ardmore Shipping has chosen SEDNA as its new email management and team collaboration platform for their global commercial desks, including operations, chartering and commercial finance teams.According to Ha Eun Ruppelt, Ardmore Shipping’s Commercial Project Manager, the decision to choose SEDNA began with the organization’s commitment to achieving the same high standards of efficiency and operational performance in its commercial activities…
Essberger Tankers Sign Deal with GAC
Chemical tanker operator Essberger Tankers has signed a ship agency deal with GAC throughout Scandinavia. Under the agreement, GAC will handle an estimated 600-800 port calls a year for Essberger’s fleet of vessels carrying a wide range of high-grade chemicals.The deal comes after more than 20 years of GAC managing Essberger’s port calls in Finland. The shipping and logistics service provider’s ability to deliver the same level of support from its expanding network of offices in Sweden…
NORDEN Adopts SEDNA
Danish dry cargo and product tanker operator NORDEN has announced the selection of SEDNA as a new platform for transaction management and team collaboration. NORDEN will use SEDNA across its business, replacing email as the default mode of communication for teams, and forming a key part the company’s business strategy of ‘Focus & Simplicity’.With an owned and chartered fleet of over 300 dry cargo and tanker vessels, NORDEN is the latest in a line of businesses in the shipping…
Euronav Completes Merger with Gener8 Maritime
Belgian tanker operator Euronav has concluded its merger with U.S. rival Gener8 Maritime, creating one of the world’s largest tanker shipping fleets.Gener8’s shareholders voted earlier this week to approve the merger, and following the closing on Tuesday, 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction began trading Wednesday on the NYSE.The merger, which Euronav CEO Paddy Rodgers described as an “important milestone”, takes place amid…
Container Shipping Line MSC Stops New Iran Bookings
The world's No. 2 container shipping line MSC said on Wednesday it would stop taking new bookings for Iran due to the decision by the United States to re-impose sanctions on Tehran after withdrawing from the international nuclear deal. In a note to clients, privately held MSC said it was "ceasing to provide access to services to and from Iran", adding that they would "conclude this period with the minimum disruption" to their customers' business. "While MSC is not accepting bookings for shipments originating from Iran…
Team Tankers Buys Two Tanker Carriers
Team Tankers International announced that it has entered into share purchase agreements to acquire all outstanding shares in each of Laurin Shipping and Anglo-Atlantic Steamship Company. In combination with associated ship purchases, the total estimated enterprise value of the series of transactions is approximately $206 million. Upon completion of the transactions, Team Tankers will grow its fleet from 37 to 52 vessels. With the acquisition of Laurin Shipping, trading under the Laurin Maritime brand…
Crystal Nordic Sold to Essberger Tankers
Nordic Tankers and Embarcadero Maritime (a joint venture between Borealis Maritime and KKR) have signed and closed an agreement to sell the jointly held company Crystal Nordic to John T. Essberger in Hamburg, a leading owner and operator of chemical tankers in Europe. Crystal Nordic was established following the combination of Nordic Tankers’ inter-European stainless steel chemical tanker business with Crystal Pool in 2015. The parties have agreed not to disclose any financial information.
Euronav Reports Lowest Freight Rates since 2013
Belgian tanker operator Euronav reported a sharp drop in core profit for the first nine months of the year as freight rates in the oil tanker sector continued to fall. Excess tonnage in the global tanker market has put pressure on freight rates, as a large wave of new deliveries this year has offset scrapping. "Freight rates remained under sustained pressure ... particularly in August as seasonally low levels of cargo and new tonnage entering the market combined to drive rates to lowest levels since 2013," Chief Executive Paddy Rodgers said in a statement.
Sovcomflot Launches LNG-Powered Ships
Russia’s biggest tanker operator will launch four new vessels in 2018 that will run on liquefied natural gas (LNG), Bloomberg reported. Sovcomflot’s Aframax ships, capable of carrying 600,000 barrels of oil through the Baltic Sea to the port of Rotterdam, will be the first tankers run on LNG. Royal Dutch Shell Plc and other energy companies that have invested more than $700 billion in LNG projects over the past decade are going to be benefitted by this project. While ships won’t transform the market, Energy Aspects Ltd.
Elektrans, CST/ Marine Service Float CHEMTRANS India
Elektrans Group and a company affiliated to the reputed German tanker operator Chemikalien Seetransport G.m.b.H. (CST) and the consultancy and engineering company Marine Service GmbH have concluded a joint venture agreement to set up “CHEMTRANS India Private Limited”. An agreement setting gears in motion was signed by Mr. Daniel Chopra (Executive Chairman, Elektrans Group) and Mr. Christian Krämer (Managing Director, CST) in New Delhi, India at The Oberoi Hotel. The strategic…
China Marine Giant COSCOCS Strategizes Business
China COSCO Shipping Corp Ltd (COSCOCS), a new company formed by the restructuring of China's top two shipping firms, was officially established on Thursday (February 18). The Chairman Xu Lirong said his company,now the world's largest bulk vessel and oil tanker operator by fleet size, is planning to deploy more resources to six new businesses. According to a report in China Daily, the shipping major will focus on logistics, industrial equipment manufacturing, financial and shipping services, investment, and operations linked to the country's "Internet Plus" development program.
CMES Orders Six VLCCs at Dalian Shipbuilding
China Merchants Energy Shipping Co Ltd (CMES) has firmed up orders to build six very large crude carriers (VLCCs) at Dalian Dalian Shipbuilding Industry Corp for $522 million, reports Reuters. The deliveries of 308,000dwt VLCCs are scheduled between August 2018 and October 2019. Order for six more VLCCs brings Chinese tanker operator’s total orders to ten. A week ago, CMES has placed an order for four newbuilding VLCCs, with two each at Nantong Cosco KHI Ship Engineering (Nacks) and Dalian Cosco KHI Ship Engineering (Dacks).
Port Operations Can Be Risky Business
The horrific explosions in the Chinese port of Tainjin illustrated vividly just how volatile port operations can be. But safety issues are only one facet of risk in the complex world of shipping ports. From piracy on the high seas to data thievery in port, players all along the shipping value chain need to be on constant alert for the dangers that nature and human actions can present. Political unrest, theft, smuggling and corruption all figure in to the risk picture that ship owners, brokers, and cargo owners have to consider when planning and executing port calls.
Tsakos Fixes Three LR2s on Timecharter
Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd (TNP) announced the charter for an average of 36-months per vessel for its three LR2 Aframax tankers to a major European oil concern for crude trading operations. The total gross revenues from these three fixtures are expected at around $100.0 million. "The appetite of major oil companies to lock forward long-term is a positive testament to the prospects of the already strong tanker market. With $1.5 billion of total contracted revenues to date and a 15-vessel newbuilding program 12 of which already on long-term contracts…
Euronav to Acquire Metrostar VLCCs
The world’s largest listed crude-tanker operator Euronav is planning to buy 18 tankers for around $1.2 billion in one of the biggest deals involving oil carriers this year, reports WSJ. The reports says that Euronav is in advanced discussions with Greece’s Metrostar to buy eight very large crude carriers, The deal to buy four of the VLCCs, plus an option for another four, will be signed as early as next week. Euronav also is in the market to buy 10 smaller Suezmax tankers from Southport, Conn.-based Principal Maritime Tankers Corp.
Gener8 Maritime to Go Public
Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m. The company was created in February 2015 via the merger of General Maritime and Navig8 Crude. New York-based company booked $391 million in pro forma historical sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol GNRT. Gener8 Maritime initially filed confidentially (as General Maritime prior to the merger) on November 12, 2014. Citi and UBS are the joint bookrunners on the deal.
TEN Comments on Tanker Market Conditions
Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) said today it believes that the recent decline in TEN’s stock is in direct contrast to the state of the physical tanker market, the future prospects and the financial strength of the company. TEN management believes that the supply and demand balance, particularly for crude tankers, is in equilibrium and should provide a solid platform for continuing the healthy rates and asset prices currently in evidence.
UANI Urges Italian Ship Operator to Desist in Iran Trade
United Against Nuclear Iran (UANI) called on Italy’s Ignazio Messina & Co. SpA, the world’s second largest roll-on/roll-off tanker operator, to immediately end its Iran operations. Ignazio Messina operates container and roll-on/roll-off services at the port of Bandar Abbas – Iran's largest port through which 90% of its container traffic passes. The Bandar Abbas port is known to be controlled by the Islamic Revolutionary Guard Corps (IRGC). In a July 2, 2013 response to UANI…
Security Deposit Interest Ring-fenced Under Tonnage Tax
International accountant and shipping adviser Moore Stephens has welcomed a decision by the U.K. First Tax Tribunal that interest received on security deposits relating to loans taken out to buy ships within tonnage tax is not taxable. HMRC had argued that the interest income was outside tonnage tax as it related to the purchase of ships by London-based bulk and chemical tanker operator Euroceanica (U.K.) Limited, which was not a trading activity for the purposes of the tonnage tax legislation.
Eco-design VLCC Delivered to AET
AET takes delivery of a second 'eco-design' VLCC that is fully compliant with the IMO Ballast Water Management Convention. Named Eagle Varna, this 320,000dwt vessel is fitted with a range of innovative technology that significantly reduces its fuel consumption and associated emissions. In addition, the new vessel is fitted with the Techcross BWM system that disinfects ballast water using electrolysis technology. Enviro innovations include a pre-swirl stator, rudder bulb and propeller boss cap fins. Taken together, these additions produce a tangible reduction in overall fuel use.
Champions of Maritime Excellence
Companies, organisations and individuals that have championed high standards and quality in shipping issues have been honoured in the annual Seatrade Middle East and Indian Subcontinent Awards. The awards, recognising maritime safety and the environment, ship and port operations and efficiency, security and financing, were presented at a gala dinner attended by around 600 senior executives of the region’s maritime and related industries at Al Johara Ballroom, Madinat Jumeirah, Dubai, on Thursday.
Obstacle Avoidance Sonar Installed on Tanker
A forward-looking sonar from Marine Electronics Ltd of Guernsey, UK, has been installed aboard a British-operated tanker as a major initiative to refine operational safety. The See Echo system was developed by Marine Electronics in cooperation with the ship owner to provide a three-dimensional image of the sea up to one kilometre ahead of the vessel. It is now undergoing a trials programme which, if successful, will result in its installation aboard other ships in the company’s substantial fleet.
Norden Raises Guidance for 2011
Danish shipping company D/S Norden upgraded earnings guidance for 2011, saying its dry-bulk business gained market share and it saw prospects for a solid fourth quarter. - NORDEN’s operating earnings (EBITDA) in the third quarter 2011 were $36m, a $14m improvement on the third quarter 2010. - EBITDA in Dry Cargo was USD 35 million, up from USD 27 million in the same period last year. T/C income per ship day outperformed market rates by 25%, mainly due to high coverage at sound rate levels.
Ship Managers Bilked by Owners
Hard times have brought about an increase in bogus claims against ship managers by shipowners, warned the International Transport Intermediaries Club (ITIC) in its latest issue of 'Claims Review'. The ITIC finds that shipowners are resisting payment of ship maintenance costs and end up owing ship managers, not only for their own fees but also for money paid on owners' behalf, reported London's Tanker Operator. But when ship managers go to collect, they are charged with negligence in the running of the ship. Resulting claims are costly to defend, the ITIC said.