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…
Chemical shipping company Navig8 Chemical Tankers Inc. has taken delivery of its first stainless steel chemical tanker, the Navig8 Sirius, from Japanese shipbuilder Kitanihon Shipbuilding Co. Ltd. Navig8 Sirius is a 25,000 DWT stainless steel chemical tanker…
Earlier this week spot returns in the VLCC market touched their lowest level since October 2014, with TCE earnings for Middle East/Japan (TD3) falling close to $20,000/day, says Gibson Weekly Tanker Market Report. The current weakness has…
The first dual-fuel two-stroke engine employing the low-pressure X-DF gas admission technology developed by Winterthur Gas & Diesel (WinGD) has passed the final milestone in its evolution from a technical concept to commercial operation as a marine main engine…
Slowing growth in the size of the shipping fleet will reduce the shortage of officers over the coming years, according to the latest Manning report published by global shipping consultancy Drewry. The global shipping fleet – encompassing all sectors except the non-cargo carrying ship types…
Tsakos Energy Navigation Ltd. (NYSE:TNP) has taken delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from…
