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…
The EMSA-contracted Stand by Oil Spill Response Vessel Salina Bay arrived this weekend on site of the Costa Concordia to assist SMIT Salvage, who is in charge of the bunker removal and pollution response operations. Preparations are on-going…
Euronav NV (EURN) canceled an order for a suezmax tanker to preserve cash following six quarters of unprofitable rates for its biggest vessels, according to a Bloomberg report. The 4Q net loss widened to $50.7 million from $17.6 million a year earlier…
Søren Skou has been appointed new CEO of Maersk Line with effect from 16 January 2012. Søren Skou was previously CEO of Maersk Tankers and replaces Eivind Kolding who is leaving Maersk Line to become Chairman of the Executive Board of Danske Bank…
Returns for VLCCs fell for a third consectutive day to the lowest level in a month, as the supply of vessels exceeded cargo demand, according to a recent Bloomberg report. Daily income for VLCCs on the Saudi Arabia-to-Japan voyage declined 2…
A new publication from the UK P&I Club “How to prevent tanker cargo shortage claims” and subtitled “The cause of claims and how to avoid them during pre-loading, loading and unloading” focuses on one of the major sources of cargo-related claims in the tanker sector…
INTERTANKO launches PhD Fellowship in Marine Pollution Law at World Maritime University.INTERTANKO is to fund a three-year PhD study into the emerging law and policy on criminal liability for marine pollution and the effects of this on seafarers…
