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Tankers

Product Tanker Freight Rates Rebounds

Pic: TORM

Product tanker freight rates softened in the third quarter of 2019 but rebounded strongly at the start of the fourth quarter following an increase in crude tanker rates that began after the attacks on Saudi Arabian oil facilities and accelerated dramatically to multi-year high levels at the end of September

MPC Capital Buys Stake in Albis

Pic: Albis Shipping & Transport

German shipping asset manager MPC Capital has acquired a strategic stake of 50 percent in compatriot tanker chartering company Albis Shipping & Transport.The Hamburg-based asset and investment manager informed that, Albis, led by Kim Moeller, operates a market-leading commercial platform for tankers of various sizes.

Tanker Scrapping to Remain Low

Image: Gibsons

There has been a near absence of the demolition activity in tanker market this year, Gibson Shipbrokers said in its latest tanker market report. The scrapping likely to remain at low levels in the coming months, it added.During the first ten months of 2019, only 30 tankers over 25,000 dwt were reported sold for scrap.

U.S. Scoops up Overseas Fuel Oil in pre-IMO Push

file Image / AdobeStock / © mikes jc

The United States is taking advantage of record-low prices of one of the world's dirtiest fuels by buying record volumes, which it intends to upgrade into cleaner products before new shipping rules take effect, trading and analyst sources say.U.S. trade sources said it recently had become economical to ship fuel oil from countries such as Russia,

Russian Gas Tanker to Lift U.S. LNG

Image Credit:MarineTraffic.com / © O.B.

A gas tanker once hailed by President Vladimir Putin as a bulwark of Russian energy security is heading for a liquefied natural gas (LNG) terminal in the United States, ship tracking data from Refinitiv's Eikon showed on Friday.The collection of an LNG cargo from the United States by a Russian tanker

Navios Acquisition Fleet Reaches 41

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition. File Photo: Navios

Navios Maritime Acquisition Corporation, the provider of transportation of petroleum products (clean and dirty) and bulk liquid chemicals, announced that its fleet consisted of a total of 41 vessels as of November 7, 2019.The owner and operator of tanker vessels said that out of 41 vessels, 13 are very

Scorpio Completes Aquisition of 19 Tankers

Pic: Trafigura

Scorpio Tankers, the international provider in the transportation for refined petroleum products, announced that it has completed acquisition of the leasehold interests in 19 product tankers.The Monaco-headquarters acquired subsidiaries of Trafigura, which have leasehold interests in 19 product tankers

Energy Transfer: VLCC Offshore Port to be Ready Early 2023

AdobeStock / © Jose Gill

Energy Transfer LP said on Thursday discussions with potential shippers to build an offshore crude export facility in Texas capable of handling supertankers were progressing on schedule, with the project expected to be in service by late 2022 or early 2023.The company has also made advances on the regulatory and permitting process for the project,

U.S.-led Naval Coalition Opens Command Center in Bahrain

© Alejandro / Adobe Stock

The U.S.-led naval coalition in the Gulf, established in response to a series of attacks on oil tankers, opened a command center in Bahrain on Thursday, the U.S. Fifth Fleet said in a statement.The attacks heightened the risk of disruption to Gulf oil exports shipped through the Strait of Hormuz. The United States blamed the attacks on Iran.

UK Lowers Security Level for its Ships in Strait of Hormuz

© Wojciech Wrzesien / Adobe Stock

Britain lowered its security risk level for UK-flagged ships travelling through the Strait of Hormuz on Thursday, more than a month after one of its tankers was finally released from detention by Iran.The Stena Impero was seized in July by Iran's Revolutionary Guards in the Strait, a major oil shipping route,

Moda Midstream to Enhance MIEC to Allow VLCC's

A VLCC loads crude oil in the port of Corpus christi, Texas (Image: port of Corpus Christi)

U.S. oil export terminal operator Moda Midstream LLC said on Thursday it has begun to enhance its Moda Ingleside Energy Center (MIEC) in Ingleside, Texas, to allow the docking of larger-sized vessels.Moda has begun structural enhancements and dredging to Berth 5 and improvements to Berth 4, which will

Fire On Board Oil Tanker Off Singapore

A fire broke out onboard the Panama-flagged tanker 'HOYU' within Singapore waters, the Maritime and Port Authority of Singapore (MPA) said in a statement on Thursday.Shipping data in Eikon showed that the tanker was fully laden with an unspecified oil cargo and was bound for the Philippines.The Singapore Civil Defense Force,

ITOPF Elects Erik Hånell as Chairman

Erik Hånell. Photo: ITOPF

Tanker owners’ group International Tanker Owners Pollution Federation (ITOPF) selected Erik Hanell President & CEO of Stena Bulk, as its new Chairman.After eight years, former Euronav chief executive Paddy Rodgers has stepped down as ITOPF chairman.Rodgers noted that he had thoroughly enjoyed

Seasonality Impacts Chemical Tanker Market

Pic: Odfjell SE

The chemical tanker earnings for the third quarter of 2019 was impacted by the usual seasonal slowdown in volumes while rates remained stable, said Odfjell Group.According to the company specializing in worldwide seaborne transportation and storage of chemicals and other specialty bulk liquids,spot

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