Tankers: VLCC Market Eases

VLCC Rates eased in the Middle East Gulf as charterers focused on ‘disadvantaged tonnage’ with South Korea and China fixed at WS 77.5 and WS 80, but recovered as GSC took DHT tonnage at WS 85 for 270,000mt cargo to South Korea. Westbound rates for 280,000mt to the US Gulf still hovered around WS 32/33
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Iran’s oil tankers are starting to disappear from global satellite tracking systems with just under six weeks to go until U.S. sanctions are due to hit the country’s exports, making it harder to keep track of the nation’s sales. No signals have been received by shore stations or satellites from 10 of the Persian Gulf
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BW Group’s first LR2 tankers will be delivered from the first quarter of next year even as the sector is facing challenges due to poor earnings, its CEO Andreas Sohmen-Pao said. The group already has a combined total of more than 40 LR1 and MR product tankers and last year placed an order for six
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Scorpio Tankers Inc. announced yesterday that the Company and its commercial manager, Scorpio Commercial Management S.A.M. (“SCM”), a related party affiliate, have agreed that SCM will reimburse certain of the commissions that SCM charges the Company’s vessels to effectively reduce such to 0.85% of gross revenue per charter fixture, effective from September 1, 2018 and
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According to industry consultant FGE, Iran’s own fleet of tankers may provide a lifeline for its crude and condensate exports that are due to be slashed as US sanctions against the Persian Gulf nation take shape. According to a recent FGE note, Iran could easily transport the entirety of its exports using its own fleet
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The Japanese group MOL Chemical Tankers is coming to the port of Antwerp. Together with the port group SEA-Invest it is to invest some 300 to 400 million euros in construction of a tank storage terminal for liquid chemicals. This is yet more confirmation of the port’s power of attraction for big investors. Sea-Mol joint
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Tanker owner and operator Teekay Tankers has completed and closed the previously-announced sale-leaseback transaction for six Aframax tankers. The vessels in question are the Whistler Spirit, Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Tarbet Spirit and Peak Spirit. As a result, the company has increased its liquidity position by some USD 60 million after the repayment
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LLC Shipbuilding Complex Zvezda and Samsung Heavy Industries Co. Ltd. (the Republic of Korea) signed an agreement in the framework of the IV Eastern Economic Forum setting the conditions for establishment of a joint venture in order to organize an efficient project management system for construction of shuttle tankers at Zvezda Shipbuilding Complex with a
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TORM, an international product tanker owner and operator based in Denmark, will retrofit 36 Alfa Laval PureBallast 3 Ex systems within its existing fleet and fit PureBallast 3 Ex systems on 11 newbuilds. Alfa Laval will provide large-flow ballast water treatment systems for 36 vessels between 2019 and 2024. TORM is a product tanker company
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Venezuela’s state-run PDVSA is organizing a contingency plan to address its latest oil-export problem following a minor accident last week at the country’s main crude terminal, two sources from the firm told Reuters. A tanker collision that damaged Jose port’s South dock and forced its closure has added to delays in loading crude for export,
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