Overseas Shipholding Group Expects Improving Tanker Market Fundamentals

Overseas Shipholding Group, Inc. a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, reported results for the second quarter 2018. Highlights Net income for the second quarter was $3.1 million, or $0.03 per diluted share, compared with net income of $3.2 million, or $0.04 per diluted share,
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Along a narrow inlet off the Gulf of Mexico, 2.8 billion cubic feet of natural gas rolls daily through the Sabine Pass plant, where it is cooled into a liquid and loaded onto tankers bound for Asia and South America. One may depart soon with the financial backing of Goldman Sachs GS 0.81% Group Inc.,
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Supertanker owners are scrapping vessels at the fastest pace since the 1980s, reports have quoted one of the world’s biggest buyers of end-of-life ships for scrap as saying. Besides, Morgan Stanley has estimated that the global VLCC fleet could lack 100 million barrels of transportation capacity by late 2020, reports added.

Clean freight rates for Medium Range tankers have returned to 2018 lows seen earlier in the summer after a brief surge in activity in the second half of July. A weaker US Gulf market has again attracted ballasting ships to European waters, while West African demand, which led to increased fixing activity in mid-July, has
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Surplus tanker capacity still plagues the shipping industry, with weak oil demand in the second quarter of 2018, and a short-term view for shipping rates that are plummeting. Crude shipping from Latin America, Africa, and the Middle East is likely to increase slowly, while shipments to the US and Europe will diminish for the remainder
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BP Shipping on Thursday notified the liquefied natural gas (LNG) market of its interest in leasing the British Ruby or its sister vessel for a minimum of nine months from Dec-Q1 2019, according to a note seen by Reuters. BP invites expressions of interest for the LNG tanker by Friday. LNG charter day-rates are at
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Group A in the World Cup contains the host nation Russia, and Saudi Arabia, two of the largest crude oil producing countries in the world. The chart shows the contribution each country contributes to global demand for tankers. However the games shake out Saudi Arabia is the clear winner in terms of creating seaborne ton
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With the geopolitical side of the oil markets taking over, the tanker freight market is looking for more signs of a sustained recovery. In its latest weekly report, shipbroker Affinity Research said that “this week has been off to a good start, as we are seeing both steady and firming trends across the board. In
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Euronav NV today reported its final financial results for the full year to 31 December 2017. Paddy Rodgers, CEO of Euronav said: “From an operational perspective, 2017 was a challenging year for Euronav. The concentrated delivery schedule of new tonnage coupled with restricted crude supply from extended OPEC production cuts maintained freight rates at low
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“I am satisfied that we were able to remain profitable in 2017 despite a challenging product tanker market. In 2017, we have expanded the fleet through a number of attractively priced vessel acquisitions and completed a dual listing on NASDAQ in New York and Copenhagen, and in January 2018 we raised USD 100m in new
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