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.
Everyone's attention has been directed at OPEC in the wake of last week's oil deal. But the market seems to have overlooked that the perhaps most important element did not come from an OPEC nation, writes analyst agency S&P Global Platts. A major hike in the oil price could be imminent.
Tanker carrier Sovcomflot has signed a memorandum of understanding for a large credit facility which will be used to pay for two ice class Panamax vessels. The new ships will service a Russian oil project in the Pechora sea.
The oil price is balancing at its highest level in 12 months. Russian president Vladimir Putin has laid a solid market foundation, but Goldman Sachs questions the likelihood of balance being restored to the market.
State-owned Russian tanker carrier Sovcomflot has secured new financing for a total of USD 1.26 billion. The money will be used to serve maturing debt and fund the nine tankers which the carrier purchased earlier this year.
The Russian government is considering a privatization of state-owned tanker carrier Sovcomflot before the end of the year. The sale is part of the Russians' plans to partially or fully divest several companies, including oil major Rosneft, says deputy prime minister Igor Shuvalov.
Russia is considering a sale of part of its national oil major Rosneft to China and India, reports Bloomberg News. The sale is estimated to be worth about USD 11 billion and will help president Vladimir Putin restore the country's economy.
While the biggest Russian ports in the Baltic Sea, the Black Sea and the Far East have lost large container volumes, the non-Russian ports in the Baltic Sea are showing significant improvement, according to a SeaIntel report.
The amount of cargo transported through the Northeast Passage during the ice-free period has plummeted in spite of shipowners being able to trim off thousands of kilometers on journeys from Asia to ports in Europe, according to new data.
Maersk Line has signed a declaration of intent with one of the world's largest aluminum producers, Russia's Rusal. As many as 10,000 containers per year could be packed with the otherwise traditional dry bulk commodity.
Russian tanker carrier Sovcomflot is still riding high in the booming tanker market as the carrier delivered an improved operating profit and bottom line in the first three months of the year. Continued fleet modernization contributed to the growth, notes CEO.
At the end of 2015, the Russian competition authorities ruled that five global container carriers had violated the country's competition legislation. The five carriers, including Evergreen and Maersk Line, have appealed the ruling.
The Russian tanker carrier exceeded its own expectations and quadrupled its net result in 2015's super-strong market. Solid balance between supply and demand indicates that the market boom will continue, says the CEO.
Partially APM Terminals-owned Global Ports in Russia has lost close to one third of its revenue in the wake of the challenging economic conditions in the country. Continued devaluation of the ruble helped the company keep its costs in check.
Evergreen is among the carriers which, according to the Russian competition authorities, have violated the country's competition regulations. In a statement to ShippingWatch, Evergreen rejects that the carrier is talking to others carriers about rate increases. CMA CGM has "no comments."
Maersk Line maintains that the carriers' practice of publicly announcing rate increases before they are implemented is completely legal, informs the carrier in a written statement after the ruling in Russia.