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.
BY NIKLAS KRIGSLUND Published 09.09.16 at 10:39
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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.
Crude oil carrier Frontline, part of John Fredriksen's shipping and oil business, has a hard time understanding that the carrier's attempts to take over competitor DHT were rejected. The carrier expects strained tanker rates in 2017.
John Fredriksen and his tanker carrier Frontline are offloading shares in DHT Holdings. The sale comes after Frontline's attempts to buy the competitor failed last week, as DHT made a deal with BW Group instead.
DHT Holdings is set to buy BW Group's fleet of 11 VLCCs including two newbuildings set for delivery next year, inform the parties Thursday. The transaction will make BW Group a major shareholder in DHT Holdings.
There will be significant challenges in the tanker market up until 2019, and it will be a matter of survival, says Stena Bulk CEO Erik Hånell in an interview with ShippingWatch. Digitalization is one of the carrier's means to handle the downturn.
Clarksons Platou and Fearnley Securities are both praising tanker carrier DHT Holdings for its purchase of BW Group's VLCC fleet. With the transaction, the company goes from being on the defense to an active player in the consolidation in the tanker market, say the analysts.
Hapag-Lloyd CEO Rolf Habben Jansen heralds a pause in growth for the German carrier in order to digest the mergers with CSAV and UASC and cater to the owners who have lost vast sums in recent years. He does not share the optimism for the market expressed by other carriers.
The two Maersk Supply Service vessels which sank off the coast of France last year contained a total of 192,000 liters of oil and oil residues, according to an inventory of hazardous substances in the vessel's tanks. The carrier has confirmed the figures, while an environment expert says the ships must be emptied or salvaged.
The closure of the service that linked the Mediterranean to the US East Coast and parts of Latin America marks the end of a 60-year presence for the carrier on this trade. According to Alphaliner, the service is shut down due to persistent losses.
Monitoring of fuel consumption on Norden's fleet has secured savings of nearly USD 25 million at the carrier, while the oil price decline has contributed to a strong reduction in costs, according to Norden News.