The chemical tanker market is headed for an upturn that will last for two to three years, with strong growth expected as early as the second half of the year, said CEO Kristian V. Mørch during Odfjell's capital markets day, adding that he wants the port terminal business to grow considerably.
Stolt Tankers and Tufton have entered into a pooling agreement for more chemical tanker vessels to join Stolt Tankers' fleet.
A weak chemical tanker market, crowded by many small players, would benefit from additional consolidation into larger units. "We'd like to look into that," Axel C. Eitzen, CEO and main shareholder of Christiania Shipping, tells ShippingWatch.
Tanker carrier Euronav has sold eight tanker vessels (four Suezmax, four VLCC) since the beginning of 2020. Most recently, the company has divested its oldest vessel and earned USD 9.3 million in the sale.
The demand for oil is low as a result of the Covid-19 crisis, and so are the freight rates for oil tankers. This spring, rates were up to four times lower than in the first five months of 2020, according to an analysis from Bimco. IEA expects demand to normalize in 2023.
Navig8 Chemical Tankers and CEO Jens Grønning saw a 2020 in which two extraordinary cases caused both frowns and a setback on the bottom line. The company now feels well equipped for an upturn in chemical tanker, the CEO tells ShippingWatch.
Tanker carrier Stena Bulk expands its fleet of MR vessels with two newbuilds from shipyard Hyundai Mipo Dockyard.
Johan Wedell-Wedellsborg has made a return to the tanker business with new operator Weco Tankers. The company is led by former Stena executive Johnny Schmølker and aims to amass a fleet of 35 vessels.
Torm CEO Jacob Meldgaard, also chair of Danish Shipping, sees the sensational ruling against oil company Shell, and the increasing pressure on major oil companies to cut CO2 emissions, as a "natural pressure". The oil companies, which are among Torm's customers, have had "a sheltered existence", he tells ShippingWatch.
Vitol is set to launch a new bunkering service that will supply fuel for maritime vessels. The launch comes after a year of declining fuel sales for aviation.
In what has been a difficult first quarter for tanker carriers, John Fredriksen's Frontline comes out with a profit despite more than halving the top line. The coronavirus pandemic is a continuing source of uncertainty, says CEO.
Tanker carrier Nordic Shipholding, currently at the mercy of lenders until the end of the year, still believes that the company can land a merger. The first quarter ended in a net deficit of USD 1.5 million.
Hafnia, which books red figures for the second quarter in a row, estimates that the overcapacity of filled oil inventories is gone and that oil demand will normalize in the second half of the year. Danish Ship Finance says that an improvement could be delayed until 2022. "That's not our thesis," says Hafnia CEO to ShippingWatch.
Investment firm Navigare Capital, which has Maersk-heir Robert Mærst Uggla as majority owner, just bought the first VLCC tanker for its portfolio of vessels owned by two funds.
Low activity and low demand for oil resulted in a loss of USD 15.7 million for tanker carrier Hafnia in the first quarter of the year. CEO Mikael Skov expects an improvement of the market toward the third quarter.
Shipowner Celsius Shipping wants to profit off of the strained tanker market by buying more ships in the sector during 2021, says chair Jeppe Jensen to ShippingWatch. The company will take delivery of two new MR ships in coming months.
Essberger Tankers has ordered up to eight chemical tankers all set to use LNG-powered dual fuel engines, and this triggers millions in euros in subsidies from the German state, which wants to build out LNG infrastructure in Germany.
Gas carrier Dorian LPG's revenue as well as bottom line declined in the fiscal year 2020/2021. The combination of lower freight volumes and a surge in new vessels hitting the market creates challenges, but the company is in its "best position ever," says CEO in the report.
At the annual general meeting Friday, several of BW LPG's shareholders voted against the reelection of majority shareholder Andreas Sohmen-Pao as chair of the shipping company. BW Group rejects that Sohmen-Pao sits on too many boards.
"Long-term targets are aspirational rather than feasible," says Euronav CEO, Hugo De Stoop, in a comment to ShippingWatch. Yesterday, a number of major maritime stakeholders advocated to raise IMO's ambition to half CO2 emissions in 2050.
Tanker shipping company Frontline expands its fleet with six VLCC supertankers. The purchase price is slightly above half a billion USD and the vessels are already under construction in South Korea.
Gas carrier BW LPG exits the first quarter with a drop on the bottom line despite a solid start to the year. The company still expects a stable year but with a slightly weaker market in the second quarter.
Tanker shipping company Navig8 Chemical grew its bottom line deficit further in 2020. At the turn of the year, the company canceled a series of management contracts linked to its ownership group Navig8 Group.
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