Tag: Tanker

December 26, 2018

The Suez Canal Authority (SCA) has extended discounts related to oil tankers to another year after considering “new changes in the global shipping market and world economy”. As explained, SCA aims to encourage more ships to transit the Suez Canal […]

November 20, 2018

The upturn is particularly present in the crude oil market, based on the data from BIMCO, with rates moving from USD 4,000 per day during the summer to USD 33,500 in October. Commenting on the drivers behind the rate hikes, […]

November 16, 2018

Frontline added that during the quarter net loss attributable to the company adjusted for certain non-cash items was USD 8.4 million. According to Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS, tanker markets are beginning to rebalance following […]

November 12, 2018

The company reported a net income of USD 18.7 million during the period from January to September 2018, compared to USD 2.3 million posted in the corresponding period a year earlier. What is more, net income for the third quarter […]

November 5, 2018

The sanctions will be imposed on entities, vessels and individuals, the ultimate aim being “to compel Iran to permanently abandon its well-documented outlaw activities,” Secretary of State Mike Pompeo said. By exerting pressure on Iran, the U.S. expects the country’s […]

October 16, 2018

The LOIs were inked with suppliers, engineering firms, and ship repair facilities and are subject the execution of definitive documentation, according to the two companies. Following its entry into an agreement to retrofit fifteen of its LR2s with exhaust gas […]

September 25, 2018

According to data provided by VesselsValue, the units were purchased from compatriot BP at a total price of USD 108 million. The ships in question are the British Cormorant, British Cygnet, British Eagle, British Falcon, British Gannet, British Kestrel, British […]

August 17, 2018

After posting financial losses, Bermuda-based chemical tanker company Team Tankers International managed to return to profitability in the second quarter of 2018. The company posted a net income of USD 4.4 million in Q2 2018, compared to a net loss […]

August 15, 2018

As the tanker market remained week during the second quarter of 2018, Swedish tanker owner Concordia Maritime widened its net loss. The shipping company suffered a net loss of SEK 57 million (USD 6.2 million) in Q2 2018, compared to […]

February 19, 2018

Overcapacity, weak ‘trading demand’ and weak OPEC output have depressed the conditions that usually boost long hauls in the tanker shipping market, according to BIMCO. As illustrated by the very weak rates for oil product transports during most parts of […]

January 8, 2018

Although the shipping industry is putting greater focus on making remote and autonomous ships a reality, the flurry of developments in this field might not be in the best interest of all shipping markets. On the back of the technological […]