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Teekay Tankers Post Loss in Q2 2012

Teekay Tankers Ltd. reports results for the three months ended June 30, 2012, pays out reduced dividend compared to Q1. Excerpts from the quarterly report follow: In June 2012, Teekay Tankers completed the previously announced acquisition from [parent company] Teekay Corporation of 13 double hull conventional tankers, including seven crude oil tankers and six product tankers. "After the completion of our 13-vessel acquisition from Teekay Corporation in June, we continue to focus on managing employment of our significantly expanded fleet to achieve the right balance of downside protection through fixed-rate coverage and upside through spot market exposure," commented Bruce Chan , Chief Executive Officer of Teekay Tankers. Mr. Chan added, "Through this period of seasonal and cyclical spot tanker market weakness, Teekay Tankers remains financially well-positioned with over $386 million of available liquidity and no significant debt maturities until 2017." Reportedly crude tanker rates softened during the second quarter of 2012 due to a combination of tanker supply growth, reduced tanker demand and seasonal factors. According to the International Energy Agency, global oil demand declined by 0.6 million barrels per day (mb/d) during the second quarter due to refinery turnarounds in both the Atlantic and Pacific basins.


ASRY Fixes 3 Large Tankers

There are currently three large tankers under repair at Bahrain’s Asry – the 284,889 dwt VLCC Al Samidoon and the 285,117 dwt VLCC Al Shuhadaa, both owned by Kuwait Oil Tanker Co (KOTC), the 305,783 dwt ULCC Orion Star, owned by Vela International, and the 238,898 dwt VLCC Progress, owned by Greece’s Dynacom. Other ship currently under repair include the 13,143 dwt tanker UVO XX, PNSC’s 99,358 dwt tanker Shalamar, Odfjell’s 37,221 dwt tanker Bow Clipper, the 44,954 dwt tanker QUDS B7


Seatrade Award for Intertanko

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Intertanko’s Tanker Officer Training Standards (TOTS) initiative has won the Seatrade Award for the category of Investment in People which recognizes a significant contribution to the recruitment, training, retention and advancement of the industry’s most valuable asset, its people. Launched in April 2008 during intertanko’s Istanbul Tanker Event, TOTS is a core competency-based training system for tanker officers which aims to raise the bar over and above the minimum


Bergesen Agrees to Sell Four Tankers To Frontline Consortium

Norwegian shipping group Bergesen said on Friday it had made an preliminary agreement to sell four tankers to a consortium led by tanker operator Frontline. Bergesen said in a statement the deal, which included two tankers and contracts to build two new tankers, would give the company a profit of about $42 million. The sales price of the two tankers was $164 million, while the new contracts had a total value of $157 million, it said.


Scorpio Tankers' Latest Newbuilding News

Tankship: Photo courtesy of Scorpio Tankers

Scorpio Tankers Inc.  says 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. The purchase price of the vessel is $37.1 million with delivery expected in September 2014. In addition Scorpio Tankers reports that it recently took delivery of two MR product tankers, STI Dama from SPP and STI Olivia from Hyundai Mipo Dockyard of South Korea


Chembulk Announces New Leadership

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It has been about fours months since the deal was sealed for PT Berlian Laju Tanker to acquire  Chembulk Tankers—the 21st Century Chemical Tanker Company, and the vision of the acquisition is being realized.  The addition of 19 new chemical tankers, coupled with the strong Chembulk management team, results in an organization that  boasts the third largest stainless steel chemical tanker company in the world


NASSCO to Build Additional Tanker for APT

General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics (GD), has entered into a contract with an affiliate of American Petroleum Tankers (APT), a wholly owned subsidiary of Kinder Morgan Energy Partners, L.P. (KMP), for the design and construction of an additional 50,000 deadweight ton LNG-conversion-ready product carrier with a 330,000 barrel cargo capacity. Construction is scheduled to begin the fourth quarter of 2015, with delivery scheduled for the second quarter of 2017


Tanker Demand Forecast

McQuilling Services has recently published its bi-annual Tanker Market Outlook which forecasts freight rates for all tanker sectors on the main routes through 2008. Tanker Demand The demand for tankers is a derived demand, being driven by the demand for oil where the latter is directly related to the level of regional and global economic activity. Oil is expected to remain the dominant energy source for the world through 2025 and overall demand growth has been projected by the U.S


New Tankers to Join KOTC Fleet

According to reports, eight new oil tankers will join Kuwait Oil Tanker Company (KOTC)'s fleet during 2007, said KOTC Chairman Abdullah Al-Roumi on Wednesday. The company said the new tankers will be delivered in stages between January and December 2007, to secure ample time for the company's experts to inspect and test the tankers well and make sure they match the agreed upon features. The offices supervising the building of the fleet, in South Korea and Singapore


Scorpio Tankers' Latest Fleet & Financial News

A Scorpio vessel: Photo courtesy of the owners

Scorpio Tankers says it has taken delivery of a new MR tankship, has authorized stock buyback, and declares a quarterly dividend. Details as follows: After delivery, the new tankship vessel began a one year time charter at a rate level consistent with current one year time charter contracts, which includes a profit sharing mechanism whereby earnings in excess of the base time charter rate will be split between the Company and charterer. Stock Buyback Authorization


Maritime Piracy: Attacks Down, SE Asia Remains Problematic

The Piracy & Armed Robbery Map  (Source: https://icc-ccs.org)

While the issue of maritime piracy has largely fallen from the public eye, with the rapid evolution of the 24/7/365 news cycle and a never-ending list of new and globally interesting headlines, such as Ebola, there remains concerns of piracy’s effects on the broader maritime market


Maritime Terrorist Attacks ‘Increasingly Likely’

Shipping in general and oil tankers in particular should increase levels of security to counter the threat of an increasingly likely terrorist attack, maritime security company MAST has warned. The company issued the warning after Al-Qaeda insinuated it could execute strategic attacks on


Stolt-Nielsen Norwalk Tanker Staff will move to Houston

Stolt-Nielsen Limited (Oslo Bors: SNI) announced its intention to relocate its tankers' staff in Norwalk, Connecticut to Houston, Texas. The move will consolidate the Company's U.S.-based staff in Houston, which is the port most frequently called by the global Stolt Tankers fleet.


Algerian Tanker Arrives with Venezuela's First Crude Import

Oil tanker Carabobo

Oil tanker Carabobo, carrying Venezuela's first importation of crude oil, arrived late on Saturday at the Jose port, where it is scheduled to unload up to 2 million barrels of Algerian Saharan Blend to be used as a diluent for Venezuela's extra heavy crude


WFW Advises ING Bank on $340m Loan Facility for Euronav

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Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV. The facility is comprised of a $192m term loan facility and a revolving credit facility of up to $148m


Clean Marine Wins New Contract

Photo courtesy of Clean Marine

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention for the reduction of sulphur oxides (SOx) demands that sulphur emission levels in Emission Control Areas (ECAs) shall be cut to 0


Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers, although the industry is warning of a short-term sales dip.  


ClassNK Completes Work on KOTC Vessel

Delivery ceremony

  ClassNK announced that it has completed work on the 31,445GT Product Tanker MUTRIBA, built by Hyundai Mipo Dockyard Co., Ltd. (HMD) as part of a series of vessels being constructed for the Kuwait Oil Tanker Company S.A.K. (KOTC). The MUTRIBA was officially delivered to KOTC at a ceremony


PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data. Venezuela will start importing light crude this month with a shipment of Algerian Saharan Blend scheduled to arrive at its


KOTC Takes Delivery of Product Tanker Mutriba

Delivery ceremony for the 31,445GT product tanker Mutriba

Classification society ClassNK said it has completed work on the 31,445 GT product tanker Mutriba, built by Hyundai Mipo Dockyard Co., Ltd. (HMD) as part of a series of vessels being constructed for the Kuwait Oil Tanker Company S.A.K. (KOTC)


New Dual Use Piracy Barrier Launched

Guardian Greenwater

Guardian Maritime launched Guardian Greenwater, a new product that was developed to deal with the issue of greenwater on-board deck following turbulent weather conditions, but also serves as piracy barrier but . It will be fitted onboard a tanker next month, its first installation.


Maritime Broadband Opens Office in Greece

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Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing international demand for its C-Bird VSAT communications solution and spearheads sales and service support in the region.


Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday. Jensen, who was elected to the Frontline board last month


Suncor Crude Tanker to Resume Journey from Quebec to Gulf Coast

A tanker chartered by Canada's Suncor Energy Inc to ship oil sands crude from Quebec to the U.S. Gulf Coast was expected to receive replacement parts on Friday, enabling it to resume its journey, a Transport Canada spokeswoman said. The aframax tanker Genmar Daphne will be the second tanker of


Venezuela's PDVSA Puts Six Tankers Up for Sale

Venezuelan state oil company PDVSA said on Friday it is selling four crude tankers and two liquid petroleum gas (LPG) tankers that are currently inactive, amid a broader plan to modernize its fleet. "PDVSA is offering, on the terms of 'where they are and in their current condition






 
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