rss icon Subscribe
desktop mobile

Hafnia Says Product Tanker Market Weakened

Photo: Hafnia Tankers

By Aiswarya Lakshmi

The overall product tanker market weakened further during the second quarter of 2017, reflecting the ongoing imbalance between supply and demand of tonnage, said Denmark based Hafnia Tankers.

High inventories and reduced trading activity did not support any additional increase of freight rates, however we did see the start of reduced oil inventories by the end of Q2, which in combination with a reduced orderbook, as well as growing oil consumption, are needed for an improved market.
The product tanker market contributed Hafnia to an operating profit for the six months ended June 30, 2017 of $14.8 million and net profit of $2.3 million.
Hafnia's share of the remaining capex for the newbuilds was $35.2 million. "As of June 30, 2017, we had a firm term sheet from a first-class bank to fund the newbuilds, and in combination with our cash balance the newbuild program was fully financed," said the company.
Gross earnings during the first half of 2017 were c.$14,650 per LR1 vessel, $14,700 per MR vessel and $13,175 per SR vessel.
As of June 30, 2017 Hafnia's fleet consisted of 37 owned vessels and five chartered-in vessels. Vista Shipping, of which Hafnia Tankers has a 50% ownership, has two LR1 newbuilds on order, with expected deliveries in Q1 2019.

Aug 20, 2017

 

Finance

The Challenge of Marine Asset Appraisal

Image: © Danial / Adobe Stock

While large shipping asset deals are often financed through the major capital markets

Suez Canal Authority, DP World Present Sokhna World Zone

Map: Suez Canal Special Economic Zone (SCZone)

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Admiral Mohab Mamish

Golden Ocean Adds New Vessels

Golden Ocean Group Limited (GOGL) announced that it has entered a deal to acquire two Capesize bulk carriers from affiliates of Hemen Holding Limited at a purchase price of $43

People & Company News

ZIM Pilots Blockchain-based Bill-of-lading

(File photo: ZIM)

ZIM said it has successfully completed a trial run of paperless bills-of-lading based on

Bouchard Set to Celebrate a Century

(Photo: Bouchard Transportation Co., Inc.)

In 2018 one of the U.S. premier vessel owners – Bouchard Transportation Co., Inc. (BTC) –

Suez Canal Authority, DP World Present Sokhna World Zone

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone)

Maritime Apps