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Scorpio Tankers on Major Fleet Expansion

Scorpio Tankers

  Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today that it has reached an agreement with an unrelated third party to purchase an MR product tanker that is currently under construction at SPP Shipbuilding Co., Ltd. of South Korea ("SPP"). The purchase price of the vessel is $37.1 million with delivery expected in September 2014.   Newbuilding Vessel Deliveries The Company recently took deliveries of two MR product tankers, STI Dama from SPP and STI Olivia from Hyundai Mipo Dockyard of South Korea. Upon delivery, both vessels began time charters for up to 120 days at approximately $18,000 per day. Scorpio Tankers currently owns 33 tankers (one LR2 tanker, two LR1 tankers, four Handymax tankers, 25 MR tankers, and one post-Panamax tanker) with an average age of 2.0 years, time charters-in 26 product tankers (eight LR2, six LR1, four MR and eight Handymax tankers), and has contracted for 42 newbuilding product tankers (20 MR, 11 LR2, and 11 Handymax ice class-1A product tankers), 28 are expected to be delivered to the Company throughout 2014 and 14 in 2015.


New Tankship Joins Rapidly Expanding Scorpio Fleet

Image credit Scorpio Tankers

Scorpio Tankers Inc. inform they have taken delivery of another MR product tanker newbuilding in their ambitious newbuilding programme, 'STI Opera', from Hyundai Mipo Dockyard Co., Ltd. of South Korea. The owners add that the new vessel will be chartered-out for up to 120 days at approximately US$19,000 per day. About Scorpio Tankers 
 Scorpio Tankers Inc. currently owns 21 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, 14 MR tankers


Heindenreich Marine Develops Product Tanker Pool

Heindenreich Marine has created a new global clean petroleum product tanker pool - Dorado Tankers - to be managed from Heidmar's new office in Darien, Conn. The focus of the new company will be to operate product tankers under a common umbrella - similar to the Star Tankers' panamax pool. Heidmar also reported that it has elected David G. Palmer as vice president of the company, as well as managing director of Dorado Tankers


Tanker for Sovcomflot Delivered

STX Shipbuilding delivered the new product tanker, SKF Neva, to Sovcomflot JSÑ. The first product tanker of the series, the keel was laid on May 30, 2006. The 600 x 106 ft.-tanker is 46.520 tons dwt. The tanker, to be deployed from Primorje, including Vladivostok, to the ports of the South-East Asia, will transport crude oil, oil products, vegetable oils and coal oils. Source: SeaNews


JO Tankers Order 8 MR Product Tankers from China Shipyard

Image courtesy of JO Tankers

JO Tankers has placed an order for eight 33.000 dwt stainless-steel chemical tankers at China’s New Times Shipbuilding, with deliveries scheduled for 2016 and 2017. The deal consists of firm and optional contracts. The new buildings will join Milestone Chemical Tankers – the jointly owned chartering and marketing arm of JO Tankers and Tokyo Marine.

 JO Tankers say that the new-buildings will be built to the highest specification


Japan's Biggest Shipping Firm to Add More LNG Tankers

Nippon Yusen KK, Japan's biggest shipping company, has upwardly revised its plan to expand its fleet of liquefied natural gas (LNG) tankers, a major Japanese financial paper reported Wednesday. Nippon Yusen's initial business plan called for it to either own or have invested in the construction of about 60 such tankers by fiscal 2010. It has now raised that figure to roughly 80-100 tankers, the Nikkei Shimbun said.


Tanker Freights’ Declining Rate to Continue

Global tanker freight rates may be depressed for several more years as a stream of new vessels hit the market and shipowners refrain from scrapping older ships. However, a recovery is likely toward the end of the decade as more single-hulled tankers are taken off the market to meet regulations for safer ships. Tanker rates jumped to record highs in 2004 as a surge in oil trading and demand strained available fleet supply


Sigma Tankers Expands Fleet

Heidmar Inc. announced that Mercator Lines Limited of India China Shipping Development and Conti Reederei of Germany will be joining the Sigma Tankers pool and that Emirates Trading Agency of Dubai an existing member of both Sigma and the Heidmar managed Dorado Tankers pool, will be entering two more vessels into Sigma Tankers.   Mercator and China Shipping, also members of the Dorado Tankers pool, will enter one vessel each into Sigma Tankers


ACP Issues Single Hull Tanker Guidelines for Transit

Panama Canal: Deadlines and Interim Procedures for the Definitive Phase-out of Single Hull Oil Tankers Issued Conscious of its responsibility to safeguard its waterway, the Panama Canal Authority (ACP) has determined that effective December 31, 2012, single hull (single side/single bottom, single side/double bottom, or double side/single bottom) oil tankers of 600 tons deadweight and over but below 5,000 tons deadweight will no longer be allowed to transit the Panama Canal if loaded with


Stolt Tankers Receives Full Refund for Cancelled Newbuildings

Stolt-Nielsen S.A. (Oslo Børs: SNI) said its wholly owned subsidiary Stolt Tankers B.V. received a full refund of $84.5 million plus accrued interest, as part of an early termination agreement with SLS Shipbuilding Co. Ltd. (SLS) of South Korea to cancel newbuilding contracts for two 43,000 dwt stainless steel parcel tankers.  The refund was for progress payments made by Stolt Tankers on the two ships, which were ordered in 2006 as part of a series of eight parcel tankers to be


Scorpio Bulkers Modifies and Sells Shipbuilding Contracts

Scorpio Bulkers Inc. announces agreements to modify and sell existing shipbuilding contracts for six capesize vessels    Scorpio Bulkers Inc. has reached agreements with shipyards in South Korea and Romania to modify six newbuilding contracts for Capesize bulk carriers into newbuilding


First ShipArrestor System Delivered in Norway

The ShipArrestor lassoes a target vessel during a trial

Following a full product trial in New Zealand, the Norwegian Coastal Administration (NCA) has signed its acceptance of the first of two ShipArrestor systems from Miko Marine, making Norway the first country with a system that gives it the ability to protect its shores from the danger of drifting


Sovcomflot Names New LNG Carrier

SCF Melampus (Photo: Sovcomflot)

Russia’s largest shipping company is continuing to develop its potential in the LNG transportation segment by entering into a new long-term agreement with Royal Dutch Shell.   On December 16, a naming ceremony was held for the LNG carrier SCF Melampus


Scana Industrier Receives Turret Equipment Order

Scana Industrier ASA has through its subsidiary Scana Offshore Vestby, signed a letter of intent (LOI) for delivery of a FSO turret pull-in and locking system to Knutsen OAS Shipping AS / KNOT FSO1 AS. The FSO is a converted Shuttle Tanker in the Knutsen Fleet


Tanker Markets See Storage Boon from Oil Price Collapse

Photo: Teekay Corporation

The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping.   Supertanker rates are already close to five-year highs of over $83


Crewman Overboard Near Texas

Authorities searching for an overboard sailor 10 miles off Sabine Pass, Texas   The U.S. Coast Guard (USCG) and the crew of a nearby ship are searching for a crewman who fell overboard while painting the side of a bulk carrier at anchor about 10 miles off Sabine Pass, Texas, Saturday.


Jones Act Gets Staunch Support

  The United States Congress this week enacted the strongest statement of support for the Jones Act and the American domestic maritime industry since the Merchant Marine Act of 1936. The measure was included as part of the National Defense Authorization Act (H.R


India on Alert After Oil Spill in Sundarbans

Authorities on India's eastern coast are on alert after a tanker and another vessel collided, spilling more than 350,000 litres of furnace oil into the waters of the Sundarban tidal mangrove forests in neighbouring Bangladesh. "We are taking all precautionary measures," Pradeep Vyas


NORDEN Takes $230m Provision

Nord Hakata (Photo: NORDEN)

NORDEN has taken a $230 million provision with no cash flow effect for onerous time charter contracts in Dry Cargo and reduces full-year guidance – underlying operations unchanged.   Following an updated market evaluation, NORDEN has concluded that it is no longer likely that certain


Concordia Increases Exposure with Tanker Contract

Stena Supreme

Concordia Maritime takes a position in the Stena Bulk’s Suezmax fleet corresponding to a 50 percent charter of one tanker.   The transaction was done by Stena Bulk and the vessel will operate during one year on the open spot market in the successful Stena Sonangol Suezmax pool


Founder Retires From Stolt-Nielsen BoD

Jacob Stolt-Nielsen

Stolt-Nielsen Limited has announced that Jacob Stolt-Nielsen, the visionary entrepreneur who founded the company in 1959, will retire from the SNL Board of Directors effective December 15, 2014, thus formally concluding his career at the company, 55 years to the date of its founding


Nordic American Tankers Announces Newbuild Plan

Two new Suezmax newbuilding tankers increase NAT's fleet size to 24 vessels. Nordic American Tankers Limited (NAT) has announced that it has entered into a preliminary agreement with Sungdong Shipbuilding & Marine Engineering Co., Ltd


Total Sells Stake in GTT

Oil major Total agreed to sell its remaining 10.4% stake in Gaz Transport & Technigaz (GTT), a leading maker of insulated hull linings for tankers that carry liquefied natural gas, to Singapore-based investment group Temasek. Total had already reduced its shareholding from 30% in February


ICS Publishes Chemical Tanker Safety Guide

ICS Secretary General, Peter Hinchliffe

A fully updated edition of the definitive industry guidance on the safe operation of chemical tankers has just been published by the shipping industry’s global trade association, the International Chamber of Shipping (ICS).   The new edition of the ICS Tanker Safety Guide (Chemicals)


ClassNK & NAPA tie-up to Improve Ship Design

Logos

ClassNK and leading global maritime software company NAPA have announced a new joint project to reduce the time and cost of designing vessels in accordance with the new IACS harmonised Common Structural Rules. The new project will enhance the data linkage between ClassNK’s






 
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