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Read all the latest news about Product tanker. ShippingWatch gives you independent, credible, critical and fair news.

Diamond S pulls 18 vessels out of Norden's tanker pool

Diamond S Shipping, controlled by current US Secretary of Commerce Wilbur Ross, is pulling its vessels out of Norden's tanker pool and Scorpio for strategic reasons. "Not a problem for us," says Søren Huscher, CEO of Norient Product Pool.

Hafnia Tankers books deficit for Q2

Hafnia Tankers' bottom line went negative in the second quarter, as the market remains characterized by an oversupply of vessels and full oil deposits.

Maersk Tankers books huge impairment on vessels

The Maersk Group's product tanker carrier, Maersk Tankers, lost more than USD 483 million in the second quarter, a deficit that pulls the group into the red. Port unit APM Terminals also booked impairments related to several ports.

Torm buys vessels again

The Danish tanker carrier is once again tapping the market with the purchase of another two MR vessels. Torm has now acquired six vessels within just a few weeks.

Torm buys four MR vessels from Chinese yard

Product tanker carrier Torm has purchased four MR vessels from Guangzhou Shipyard International. The order comes with options for up to four additional vessels, CFO Christian Søgaard tells ShippingWatch.

Equity funds preparing to exit tanker shipping

A series of private equity companies are approaching the perfect timing for selling their stakes in product tanker carriers, and this could be the beginning of an upheaval in the industry. Torm's CEO is ready to explore merger opportunities.

Bugbee calls on competitors to join forces

Not long ago, observers had little interest in Robert Bugbee as the Scorpio project looked set to fail. Now he is the man who has done what everyone is talking about in product tanker, and in an interview with ShippingWatch he calls on competitors to follow his lead.

Scorpio Tankers merges with Navig8

The consolidation wave in product tanker is now reality. Robert Bugbee's Scorpio Tankers will merge with Navig8 and issue new shares for USD 200 million. The new behemoth will have a fleet of 105 vessels and will compete directly with carriers such as Torm, Ardmore, and Hafnia Tankers.

Consolidation wave could be in store for product tanker

There will be more mergers, acquisitions, and general consolidation in the product tanker market within the next 12-24 months, Hafnia Tankers and Jyske Bank tell ShippingWatch. Torm Executive Director Jacob Meldgaard is also open to the idea.

Torm is open to consolidation in product tanker

Tanker carrier Torm is positive when it comes to a consolidation of the product tanker market. Bigger carriers will be more interesting to banks and investors, Executive Director Jacob Meldgaard tells ShippingWatch.

Torm's profit down big-time in Q1

Tanker carrier Torm exits the first quarter of the year with a profit of USD 4.8 million. The carrier no longer publishes guidance for earnings.

Ardmore Shipping in Q1 deficit

The tanker carrier suffered a deficit in the first quarter 2017, but points to very positive developments in the market for medium range tankers, notes CEO Anthony Gurnee.

Bimco: Tanker scrapping will quadruple this year

There has been major growth in the number of scrapped oil and product tanker vessels during 2017, but this is not likely to ease the pressure on the tanker market, writes Bimco in a new forecast.

Wilbur Ross' ownership of Diamond S under scrutiny

Several critical observers question US Secretary of Commerce Wilbur Ross' continued ownership of product tanker carrier Diamond S Shipping. The carrier's ties to China in particular are being criticized by ethics experts who point to possible conflicts of interest.

Sovcomflot saw profits slide in 2016

Last year's fluctuations in the tanker market were severely testing for the sector, says state-owned Russian tanker carrier Sovcomflot after publishing an annual report showing a setback in profits compared to 2015.

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