Norwegian Stolt-Nielsen, which has acquired shares in competitor Odfjell, benefitted from higher volumes and spot rates in the chemical tanker market and predicts further improvement in the market. The company is, however, not quite ready for ordering newbuilds.
Upswing on the product tanker market has continued in April and May with increasing rates above the level of the year’s first quarter, writes tanker operator Concordia Maritime in an update.
A representative of private equity firm Oaktree is leaving the board of Hafnia.
Christiania Shipping with the Eitzen family as main shareholder struggled with losses last year. Improvement in the tanker market, however, makes the carrier believe in significant progress in 2022. New vessels and refinancing will contribute.
Hunter Group subsidiary Hunter Tankers sells its entire fleet for a total of USD 383m.
The product tanker market, which has seen rates skyrocketing in 2022, is robust and doesn’t stand to lose momentum in the years to come, say the CEOs of Torm, Scorpio and Hafnia at shipping conference Marine Money in New York.
High demand for LNG provides Samsung Heavy with orders on LNG tankers valued around USD 3bn. Buyers are shipping companies from Bermuda and Africa.
USTC-owned Uni-Tankers, which manages more than 40 product and chemical tanker vessels, suffers a new million-dollar loss despite revenue progress.
A more exposed dry bulk market has made Norden neutralize its position within dry bulk, moving the exposure to tanker instead. ”We have fully covered ourselves,” says CEO Jan Rindbo to ShippingWatch after the carrier’s third upward adjustment this year.
Russian Sovcomflot has found a new marine insurance company to cover its fleet after the sanctioned tanker carrier was abandoned by Western insurance companies, writes Reuters.
The crude oil market is currently so bad for carriers that very large crude carriers (VLCCs) are sailing at negative rates on the spot market. ShippingWatch has spoken with analysts, who explain the calculation behind the rates.
Tanker operator Maersk Tankers has together with the other members of climate initiative Sea Cargo Charter put forth its first CO2 figures.
Former Frontline CEO Jens Martin Jensen has resigned from John Fredriksen’s Seatankers, where he took up his position only a short while ago, report a number of media.
Belgian carrier Euronav has bagged an agreement to sell what the company deems its oldest Suezmax vessels in the fleet.
John Fredriksen is not yet through with buying shares in Belgian Euronav ahead of the merger between Euronav and Fredriksen’s tanker operator Frontline, which recently bought 4% equity in Euronav.
By the end of the third quarter, Scorpio Tankers hopes to have sold additional tankers. The vessels were put up for sale following the carrier’s major divestment to players including Hafnia, made in order to secure liquidity.
Euronav acquires stake in joint venture from International Seaways. Both tanker carriers now have shipping magnate John Fredriksen as major shareholder.
When the war broke out in Ukraine, Norden made a significant change to its exposure within tanker and dry bulk, which have been combined under a new unit. ”This shift has been extremely important,” says COO Christian Vinther Christensen in an interview with ShippingWatch.
Lauritzen Fonden’s investment company, J. Lauritzen, appoints Odfjell’s former top executive Kristian Mørch as new CEO. According to the foundation’s CEO, Tommy Thomsen, the stage is set for growth.
Nordic American Tankers had a bigger loss in the first quarter compared to the same period last year. From the beginning of the year, the carrier has been busy divesting from its fleet.
A modest supply boost may ease tight markets, but the question remains whether the US can ally with Saudi Arabia to isolate Russia economically.
Former CEO of J. Lauritzen Mads Zacho is set to be chief executive of a gas carrier following a period with the Mærsk Kc-Kinney Møller Center for Zero Carbon Shipping.
There will be no imminent changes to everyday life for tanker operators, even though the EU’s member countries have just agreed on serious measures targeting Russian oil imports. Carriers are still obliged to honor existing contracts, states Maersk Tankers.
Once again, Frontline buys shares in merger target Euronav and thus continues the acquisition raid with Belgian shipping family Saverys, which is fighting to prevent a merger through its company CMB.
US-Greek detainment of a Russian ship carrying Iranian oil had Iran retaliating by seizing two Greek oil tankers on Friday.
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