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.

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.

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.

Intertanko fears "global epidemic" of bad bunker

The current situation is not the first time the market has experienced circulation of contaminated bunker. As such, authorities should do more to contain the issue, says Intertanko. The tanker association estimates that bad bunker has damaged hundreds of vessels in recent months.

Maersk Tankers wants to optimize using ideas and data

New ways to utilize data and educating employees is supposed to lower Maersk Tanker's bunker bill this year. It directly impacts the bottom line, says Brian Østergaard Sørensen, Head of Fleet Group Management, to ShippingWatch.

Odfjell to pay damages from Rotterdam oil spill

A price has now been set for the cleanup after the oil spill in Rotterdam in June when one of Odfjell's ships collided with the jetty in the port. The Norwegian tanker operator will pay a double-digit million euro figure.

DHT reports deficit in continuously tough tanker market

As expected, the problems seem to continue for the crude oil carriers in the second quarter. As the first major tanker carrier, DHT Holdings just published its interim report, which shows VLCC rates below analysts expectations.

Last week's top stories on ShippingWatch

DFDS is bracing itself for long lorry queues in Dover after Brexit, bad bunker reached the world's largest bunker port and DSV's guidance upgrade were among this week's top stories on ShippingWatch. Also read about Kontainers, which will challenge startups such as US firm Flexport.

Teekay Tankers remains optimistic despite dreadful tanker market

The weak tanker market in the second quarter hit Teekay Tankers with a new deficit. However, the company, part of a Canadian tanker and oil conglomerate, is optimistic about several market trends, including the scope of scrapping. The same applies to a scrap buyer and an investment bank.

Oil tanker owners are scrapping the most ships in decades

Supertanker owners are scrapping vessels at the fastest pace since the 1980, says one of the world's biggest buyers of end-of-life ships for scrap. Morgan Stanley estimates that the global VLCC fleet could lack 100 million barrels of transportation capacity by late 2020.

Tanker sets new record on the Northern Sea Route

Sovcomflot's huge LNG tanker vessel Christophe de Margerie (photo) has set a new time record for sailing north of Russia in July from the Yamal Peninsula to the Bering Strait without assistance from ice-breakers.

Ardmore's deficit grows in strained tanker market

The Irish tanker shipping company finished the second quarter with a bigger net deficit in a product tanker market struggling with record-low rates. One factor in particular could help the market get back on track in the years to come, says CEO Anthony Gurnee.

Odfjell hesitates over Feringa's open invitation

While Odfejll's CEO Kristian Mørch says that "it is natural" to consider consolidation in the tanker market, he does not see the Norwegian carrier as the obvious partner to Team Tankers after CEO Hans Feringa's call for mergers in the industry.

Scorpio Tankers has lost USD 100 million in six months

Scorpio Tankers has published figures revealing how the carrier has managed in the tough product tanker market in the first six months of 2018. A minus of USD 100 million, and even more vessels which have been sold and leased back again.

Japanese shipping companies in the red after ONE launch

MOL, NYK and K Line all finished their latest reporting period with bottom line deficits. The new container collaboration ONE performed weaker than expected in the period. But one of the shipping companies expects improvements soon.

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