The start to 2021 proved challenging for Stolt-Nielsen's chemical tanker carrier, Stolt Tankers. According to chief executive, rates and earnings were strained due to product tanker carriers bidding on chemical tanker cargoes. Most recently, the Suez Canal blockage has caused delays.
Reports of increasing oil production from OPEC+ bring good news to tanker companies, estimates Clarksons. After a difficult 2021, the broker expects to see significantly higher tanker rates towards the end of the year.
International Seaways and Diamond S have agreed on a merger that will create the second largest tanker company in the US after Scorpio Tankers, with a market value of USD 2 billion and a fleet of 100 vessels.
After a dreadful start to 2021, the product tanker market is now bottoming out, if you ask Paolo d'Amico, Executive Chairman of the Italien d'Amico Group. Two aspects will be vital for the recovery of the struggling market, he tells ShippingWatch.
Klaus Nyborg, chair of Norden, acknowledges that the company's instructions to keep fake logbooks for trips to Israel were inappropriate. Dominant shareholder Motortramp will not comment on the matter to ShippingWatch.
Tanker carrier Hafnia lands a new large loan, which is tied to the company reaching a number of climate goals. The loan has been entered with a syndicate of ten banks and is the first green loan for Hafnia.
Shipping company Norden now expects a significantly better result for 2021 than previously announced. In particular, business unit Dry Operator is expected to benefit from a stronger dry bulk market, writes the company Tuesday.
For years, tanker company Norden has instructed captains to write fake logbooks and paint over ship names in order to keep trips to Israel a secret. The activities were "wrong and unacceptable", the company states.
Gas carrier Navigator Holdings, which holds the world's biggest fleet of handysizes, booked its third consecutive quarterly profit in the fourth quarter, and yet the company's full year result ended in a deficit of USD 0.4 million. BW Group bought a 39 percent stake in the carrier in December.
Tanker company Ardmore and two partners will establish a joint venture to supply hydrogen to the maritime sector. As part of the agreement, Ardmore will receive USD 40 million from one of the partners.
The start of 2021 saw a lull in the scrapping of tankers despite record low earnings for ships and the highest scrap prices in almost two years. Only six tankers have left the market since New Year, writes Simpson Spence Young.
Dee4 Capital Partners, led by former Norden and BW Group CEO Carsten Mortensen, has ordered three product tankers from a South Korean shipyard with a new joint venture partner. In total, the order amounts to USD 175 million.
Supertanker spot rates have, rather unusually, turned negative, and Euronav expects more ships to be taken out of the market, the carrier informs ShippingWatch. Recovery on the heels of Covid-19 has yet to materialize.