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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


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.


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


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


Pirates Board SuezMax Oil Tanker off Somalli Coast

Operators Dynacom Tanker Management report their motor tanker 'Smyrni' hijacked by pirates in the Arabian Sea At approximately 1115 UTC on 10 May, 2012, an oil tanker managed by Dynacom Tankers Management Ltd. was reported hijacked while it was transiting the Arabian Sea. The Liberian-flagged Tanker, the M/T SMYRNI, is carrying a cargo of 135,000 MT of crude oil. The operators say that no communications have been received from the ship since the ship was boarded.


Vroon Adds Twelfth Tanker

Iver Ability (Image by Vroon)

Dutch ship owner Vroon has confirmed the purchase of the MT ST Charlotte, a 2006-built bitumen/molten sulphur tanker. The vessel will be renamed Iver Ability and brings the total number of Vroon's bitumen tankers to twelve.  A statement on Vroon's website said


Tanker Firms Eye US Listings as Market Rebounds

Photo courtesy of Euronav

Inspired by an upturn in shipping markets after one of the worst sector downturns on record, a batch of oil tanker companies are looking to raise capital through U.S. listings.   While crude prices have fallen more than 50 percent since June, tanker prospects have brightened


Study Reveals Inadequate Rest Hours Compliance

Preliminary results from the Concentrated Inspection Campaign (CIC) on STCW Hours of Rest, carried out between September 1 and November 30, 2014 in the Paris MoU region show that 16 ships (14% of detentions during CIC) were detained over the three-month period as a direct result of the CIC for


Sanctions Dampen Traffic on Russia's Arctic Route

Photo: U.S. Naval Istitute

Often heralded as new shipping lane, Arctic shipments fall. Western sanctions on Russia are restricting the Arctic shipping route along its north coast to domestic cargoes and energy exports with many foreign firms staying away after test voyages on a fabled short-cut between Europe and Asia


Oman Drydocks Handls 300th Vessel

Image: Oman Drydock Company

 The Oman Drydock Company has celebrated the handing over of the 300th vessel since starting its operations in 2011, under the auspices of Said bin Hamdoon al Harthy, Undersecretary of the Ministry of Transport and Communications for Ports and Marine Affairs.


N-KOM Sees Increased Tanker Business

Photo: N-KOM

Nakilat-Keppel Offshore & Marine (N-KOM), which recently celebrated its fourth year in operation, has seen an increasing number of tankers dry docking at its facility in Qatar. With the introduction of de-mucking and de-slopping facilities


Tankers Booked to Store Oil at Sea

Oil traders have booked up to 20 tankers to store an estimated 40 million barrels of crude at sea, rising from 25 million barrels last week, as they soak up a stocks glut in anticipation of future profits, shipping and oil market sources said.  


“Jag Vidhi” Delivered to Buyers

Jag Vidhi

  The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1990-built Very Large Gas Carrier “Jag Vidhi” (49,701 dwt) to the buyers on 21st January, 2015. The company had contracted to sell the ship in July 2014.


Japan Shipyard Orders Continue Decline

(Pic Source: JSEA)

 In December 2014, orders of Japan yard fell 37% year on year, says Japan Ship Exporters’ Association (JSEA). Japanese shipyards specialize in building dry bulk carriers.  JSEA member yards secured 24 export orders totaling 1,215


Kuwait Eyes Ports Growth

Image: Kuwait Oil Tanker Company

The Kuwait government is eyeing for its port sector’s growth as this will boost growth at the Gulf state’s ports, both though spending on the infrastructure projects and boosting imports of containerized goods, reports Customs Today. 


COSCO Gets $1.75 bln Loan to Buy Ships

China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said on Monday. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd


Ghana's Navy Frees Hijacked Tanker

Image: Ghana Armed Forces

The Ghana Navy has foiled a pirate attack on a Nigerian cargo vessel, MT Mariam and captured all eight bandits.  The pirates were armed, but no one, including a nine-member crew aboard MT Mariam, was injured when the Ghana Navy crew aboard GNS BLIKA effected the arrest.  


Iranian Naval Fleet in Rescue Mission

Iranian Navy Commander Rear Admiral Habibollah Sayyari (Courtesy:  IRGC - Iran)

In a bid to protect cargo ships and oil tankers in international waters, the Iranian Navy’s 33rd fleet of warships departed for the Indian Ocean and the South China Sea on Sunday, says Tasnim News Agency.  The naval fleet consists of Vice-Admiral Qandi destroyer


U.S. Oil Traders Storing W.African Crude

Glencore, Suncor, ENI, Vitol all booking tankers; U.S. crude oil stocks at highest ever level for time of year. Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne


Traders to Store W.African Crude in US Until Prices Recover

Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude.  






 
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