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Saudi Arabian crude shipments to US drop to seven-year low

olie gas saudi-arabien Ras Tanura Refinery.jpg Offshore:

Shipments of crude oil from Saudi Arabia to the US dropped to a seven-year low last week, and the trend looks set to continue amid OPEC's output cap deal and the country's seasonal increase in domestic oil consumption.

DHT's two CEOs are Norway's best paid chief execs

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The tanker carrier's two CEOs each earn more respectively than the top chief execs from Norway's three largest companies combined, reports Dagens Næringsliv. Competitor Frontline, which has made repeated attempts to buy DHT, has previously criticized the carrier's salary costs.

This week's top stories on ShippingWatch

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APM Terminals lays off 160 in Gothenburg in a move to end the protracted port labor conflift. Shipowners look to postpone the ballast water convention by two years. Shippers worry about a shortage of reefer containers. Oil is headed for USD 40. Here are this weeks top picks.

Bugbee calls on competitors to join forces

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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.

Hafnia Management's fleet expanded by 40 percent

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In just one year, Hafnia Management has increased its fleet in the company's three tank pools by 41 percent to 106 vessels, making it the world's third largest pool operator. The ambition is to operate more Handysize and MR vessels, says CEO Anders Engholm to ShippingWatch.

This week's top stories on ShippingWatch

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Arab boycott of Qatar with the potential to create difficulties for Hapag-Lloyd, the collapse of Germany's Rickmers Group, and tanker carriers such as Torm and Hafnia in play in an expected consolidation wave, were among this week's top stories on ShippingWatch.

I.M. Skaugen buys time for refinancing

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Gas carrier I.M. Skaugen has been granted en extension on the repayment of its debt until April 2018. As such, the company has bought time to land new financing which will enable the carrier to pay back existing loans with money from operations.

Critical meeting on autonomous vessels opens in the IMO

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On Wednesday, an important meeting will begin at the IMO's security committee, where the committee is under pressure from the industry to deliver regulations to help get autonomous ships on the water as soon as possible. Denmark, Norway and Finland have a significant interest in the matter and hope to make their mark as front-runners in the area.

Last week's top stories on ShippingWatch

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Another consolidation in the tanker industry. US President Donald Trump will pull the US out of the Paris Climate Accord. 180 years of shipping may come to a end at Rickmers Group. News from Nor Shipping. Read this week's top picks on ShippingWatch.

Höegh LNG beat expectations in first quarter

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The gas carrier finished the first three months of the year with improvements across the board, a development attributed in particular to a new project in Colombia. The carrier also beat market expectations. "Balance sheet remains rock solid," notes Fearnleys.

Scorpio Tankers merges with Navig8

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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.

Drewry: Scrapping could kick-start tanker recovery

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A massive orderbook packed with new crude oil tankers set for delivery in 2017 means that overcapacity will continue to strain the sector. The large vessel influx will be replaced next year by weak demand, and the scrapping of vessels is thus crucial to the prospects of a tanker market recovery, writes Drewry.

DHT Holdings books first quarter profit

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DHT Holdings performed above analyst expectations with the operating result in the first quarter this year. The carrier, which is subject to continuous acquisition offers from competitor Frontline, has also settled a new bank agreement.

Frontline to DHT: Let the shareholders decide

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DHT Holdings' board of directors rejects the Frontline bid announced on April 25. The board adds that it is about time that the parties move on. Instead, Frontline replies that the bid should be presented to the shareholders, according to a comment to ShippingWatch.

Cost of fighting piracy rises again

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After several years of lower expenses in the fight against piracy, costs have once again increased according to the latest report from Oceans Beyond Piracy. "Piracy still poses a significant threat to shipping," says the Danish Shipowners' Association. Read the entire report here.

VLCC fleet growth in 2017 cause for concern

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Significantly more supertankers will join the fleet this year – and likely, in the years to come – than there are vessels leaving the fleet, shows a survey by McQuilling. As many as 30 new VLCCs are expected delivered this year while ten will leave the fleet, and that is cause for concern, notes the firm.

Frontline's new charge on DHT averted

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The Marshall Islands court has, like the court in New York, determined that the deal between BW Group and DHT Holdings does not pose a problem. Frontline has at both courts attempted to have the transaction voided in an attempt to get a bigger share in DHT Holdings' VLCC fleet.

Last week's top stories on ShippingWatch

Carriers:

Several EU member states, including Denmark, are currently having their state subsidies to carriers and maritime businesses scrutinized, while John Fredriksen's efforts to take over DHT continue. And ShippingWatch was present at the major shipping conference in Singapore this week.

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