Meldgaard: Crude tankers cannibalizing product market

The downturn for crude oil tankers, where rates are extraordinarily low, has become a major problem for the product tanker operators. Torm Executive Director Jacob Meldgaard expects that the pressure from the supertankers could continue for a while yet, he tells ShippingWatch.

Maersk Line installed a "sleeping partner" in Tunisia

Maersk Line has had a "sleeping partner" in Tunisia, although authorities require foreign companies to partner with domestic players in an active, local co-ownership. Now, Maersk Line has had to establish a new joint venture taking over the role of Maersk Tunisie.

Nordic American Tankers reports new deficit

Nordic American Tankers is strained by a weak crude oil freight market and exits the second quarter with sliding figures across the board. The carrier, as usual, still pays out dividends.

Former Monjasa director joins Trafigura

A former managing director for Monjasa's offices in Dubai has been hired by competitor Trafigura. Until 2015, the two companies had a close partnership in the lucrative bunker oil market in West Africa.

Damage claims from bad bunker grow in number

Nobody seems to have a well-documented explanation for where the bad bunker currently plaguing the shipping sector really comes from. Meanwhile, each day brings a new case of damaged engines. A Norden ship is the latest to report issues with bad bunker.

Maersk Line is prepared for bad bunker

Maersk Line has procedures in place to avoid being impacted by the widespread issue of contaminated bunker which has plagued several shipping companies recently.

Concordia Maritime's deficit grows

The only product tanker in Stena Group, Concordia Maritime, exits the first half of the year with a larger deficit than from the same period last year.

Sole Shipping on the lookout for more contracts

The discrete Norwegian investor Sole Shipping, which has a large back catalog of sale and leaseback deals with prominent shipping companies, is ready for more deals with carriers after the company entered a million-dollar financing agreement with Hafnia Tankers recently.

Contaminated bunker may have caused Thorco accident

Problems with contaminated bunker oil have become part of the case concerning a Thorco ship that ran aground in June (shown in photo). A bunker company says that Thorco has asserted a damages claim involving delivery of faulty fuel. The carrier declines to confirm the information.

China wants more ships to sail on LNG

China's Ministry of Transportation wants to expand the country's LNG infrastructure, so more ships shift from using heavy fuel over to liquefied natural gas. The announcement arrives after the country threatened sanctions on US LNG last week.

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