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Crude oil tanker rates circling three-year low

Tanker:

The upcoming interim reports from leading tanker carriers in crude oil in particular could contain depressing news for owners and investors.


BY OLE ANDERSEN
Published 09.08.17 at 08:28

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Most read Tanker

Torm Executive Director eyes flat development in product tanker

Torm3.jpg Tanker:

Danish product tanker carrier Torm finished the second quarter this year with an operating profit of USD 36 million and a negative bottom line of USD 2 million in a challenging market.

Concordia looks ahead after booking new loss

Tanker:

The second quarter in 2017 brought another deficit for Concordia Maritime, which is struggling in a weak market for product tanker, just like its competitors. CEO Kim Ullman believes in a gradual recovery from 2018.

Torm and Hafnia are candidates in major merger wave

Tanker:

A group of 5 to 10 carriers could be swept up in the consolidation wave which has begun among dominant and equity fund-owned carriers in the product tanker sector, sources tell ShippingWatch.

Navig8 Chemical Tankers booked deficit

Tanker:

Navig8 Chemical Tankers suffered a deficit of USD 3.6 million, according to the interim report for the second quarter. The market for chemical products has stabilized, albeit at lower levels, says CEO.

Bugbee calls on competitors to join forces

Tanker:

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.

Maersk Tankers expects tough market in 2017

Tanker:

CEO Christian M. Ingerslev of Maersk Tankers does not eye improvements in the product tanker market until the second half of 2018. The timing will coincide, however, with settling a solution for the carrier's independent future outside of Maersk. One option is going public.

Current front page

J. Lauritzen still strained despite improvements

lauritzen1.jpg Bulk:

J. Lauritzen was able to reduce its deficit in the second quarter 2017. But an actual comeback for the strained dry bulk rates still seems far off, says CEO Mads P. Zacho. (Being updated)

Pacific Basin looking at new asset acquisition opportunities

Bulk:

Among the dry bulk carriers, Pacific Basin is one of the few players so confident in the market that it has performed a significant fleet expansion. And more could be under way. ShippingWatch has interviewed CEO Mats Berglund about where the optimism comes from.

Smedegaard aims to land two acquisitions this year

Carriers:

The second quarter was historically good for DFDS which also bought new vessels during the period. CEO Niels Smedegaard tells ShippingWatch that there are two acquisitions in the pipeline, which he hopes to land this year. "It is a nice situation to be in," he says.

Jan Rindbo: Dry bulk rates must rise to ensure profit

Bulk:

They have seen the highest dry bulk rates in four years but it is still not enough, Norden CEO Jan Rindbo tells ShippingWatch. The carrier's bright spot came in the form of the struggling tanker segment.

Alphaliner: APM Terminals could be leaving India

Ports:

An Indian newspaper reports that APM Terminals is preparing to sell its large stake in port Gateway Terminals India. If the sale happens, it could indicate that APM Terminals is on track to leave India entirely, writes Alphaliner in an analysis.

Svitzer will sell 11 laid-up vessels

Carriers:

The Maersk Group's towage company Svitzer will sell 11 laid-up vessels which have no prospect of securing work at sustainable prices due to market overcapacity.

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