Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, has taken delivery of one LR1 74,000 DWT product tanker, the Navig8 Expedite, from STX Offshore & Shipbuilding Co, Ltd. The…
Tanker owners are currently doing fairly well, certainly compared to their colleagues in the dry bulk market, says a reserach report from Poten & Partners. However, history shows that such markets do not last forever and when the downturn comes…
Euronav NV (NYSE: EURN) this morning issued a release to set the record straight with investors, from its perspective, on current market conditions in the large tanker market. According to Euronav, despite the current capital market's predominantly negative sentiment…
In June 2015 the IMO’s Maritime Safety Committee adopted Resolution MSC.393(95) and amendments to the International Maritime Solid Bulk Cargoes (IMSBC) Code. Administrations may choose to apply the amendments on a voluntary basis from 1 January 2016…
Maersk Line, a unit of the A.P. Moller-Maersk Group, based in Copenhagen, Denmark, has retained its position as the world’s largest container shipping line, according to Alphaliner. It is still the world’s largest ocean carrier by capacity but its closest rivals…
The reduction in the new 2016 Worldscale flat rates of Very Large Crude Carriers (VLCC) has led to spot rates increasing as owners look for equivalent 2015 returns, says tanker market assessments from the Baltic Exchange. Thus we are now seeing rates for long east of around WS 107…
A super year for the VLCCs behind us which ended at earnings Meg/East close to $100k/day, says Fearnleys Week. The new year has started somewhat slower and rates ex Meg are off the peaks, but earnings remain very healthy. Continued interest…
Øistein Jensen has been appointed as new Chief of Staff at Odfjell, commencing in his new position from February 29, 2016. Jensen is a Norwegian citizen and presently holds the position as Director at PwC. He is a graduate of the Royal Norwegian…
The Saudi-Iran standoff is certainly one to worry over given its ramifications for oil supply as they sit on either side of the Persian Gulf, the world’s biggest concentration of oil tankers, reports Bloomberg. The Strait of Hormuz at the…
The Islamic Republic of Iran Shipping Lines (IRISL) is seeking to open bureaus across Europe, says its Managing-Director Dr. Mohammad Saeidi. IRNA reports Saeidi as saying that once the arbitrary sanctions on Iran are lifted, Iranian-flagged ships can travel between Iranian and European ports…
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economic activity looked stronger earlier in the year. The negative indicators seen at the end of 2014 were not overcome…
Transparency Market Research (TMR) have given a detailed insights and analysis of the global market for LNG bunkering fuel in its recently published market research report. On the basis of capacity, the market, which had a valuation of mere 70 kilo tons in 2013…
Crowley takes delivery of second of four new LNG-ready Jones Act product tankers from Philly Shipyard, Inc. Crowley Maritime Corp. has today taken delivery of Texas, the second of four new Jones Act product tankers from Philly Shipyard…
Chinese shipping major Sinotrans has signed with Greek shipowner Dynagas and China LNG Shipping (CLNG) for the joint purchase of five Arctic-class LNG carriers from South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME). The agreement…
Sovcomflot Group and Sberbank CIB have signed a 14-year $340 million credit facility agreement to finance the construction of three Arctic shuttle tankers for the Novy Port project (project operator: Gazprom eft). Novy Port is one of…
