Tanker shipping companies DHT and Euronav have chosen widely different ways of complying with the upcoming sulfur regulations coming into force in less than a month. In interviews with ShippingWatch, the two shipping companies discuss their preliminary experiences and challenges with scrubbers and new fuel types.
Shipping line Norden enters collaboration on developing sustainable biofuel for use on existing vessels.
Alexander Saverys, member of the Belgian shipping family Saverys, which controls Euronav and Exmar, says that the climate issues represent an existential threat to the sector. A solution is still far off, he tells ShippingWatch.
J. Lauritzen has now entered about 50 deals in over 20 different ports about new low-sulfur fuels. But some of the new fuels have turned out to have too high sulfur contents, bunker chief says. Supply in Singapore and Panama is also "all wrong" at the moment.
Navig8 Chemical Tankers has chosen to place four chemical tanker vessels in a pool with Odfjell. The latter's CEO sees it as a step in consolidating the chemical tanker industry.
Swedish shipping group Stena considers moving the listing of product tanker ship operator Concordia Maritime from Stockholm to Oslo. There is almost no interest in shipping in Sweden, says Stena's owner.
New technologies and fuels make Ultragas refrain from ordering ships as part of a large-scale fleet renewal. The shipping company has therefore bought second-hand ships, CEO Martin Fruergaard tells ShippingWatch.
Not since 1976 have there been delivered as many VLCC vessels as is the case in 2019, reports Bimco. The association says that the many news ships could become a challenge.
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A leasing arrangement with John Fredriksen's SFL makes Hunter Group cancel a major credit deal with a syndicate of leading shipping banks. The Norwegian shipowner is already in talks for financing of its remaining ships.
38 large bulk and tanker vessels are currently being retrofitted with scrubbers, and more will come over the next months, shows a new report by Clarksons Platou. The installations will benefit tanker rates in particular.
Rig operator Odfjell Drilling improved its bottom line in the third quarter. The company sees signs of more activity in the market in the longer term.
Canada's Teekay had a foot in each camp when the company this fall was included on the US list of Cosco sanctions. But the sanctions ultimately benefited the shipping company, CEO Kenneth Hvid tells ShippingWatch.
John Fredriksen's holding company supplied the finances when Frontline acquired 10 vessels from Trafigura in August. Now the shipping company has landed a Chinese deal that covers the purchase amount.
BW LPG will take delivery of new VLGCs ahead of the summer 2021 corresponding to 15 percent of the fleet. However, a "considerable" order book does not make CEO Martin Ackermann doubt that the upswing will continue next year.
Norwegian media E24 reports that spot rates for the big tanker vessels are nearing USD 100,000 per day. In the fall, rates suddenly increased rapidly but quickly dwindled afterwards.
Frontline's third quarter became the first one in 2019 to end with red figures on the bottom line. The company's CEO remains optimistic.
A better gas market helped Avance Gas significantly increase its earnings in the third quarter, shows interim report. The gas carrier expects continued growth.
Product tanker company Hafnia, like its competitors, was impacted by a difficult market in the third quarter, ultimately landing the company in a deficit. However, the company remains in a profit for 2019 and sees signs of a market improvement from the beginning of the fourth quarter.
Japan's NYK Line signs a memorandum of understanding with Indonesian Pertamina's shipping company about energy transportation, covering "ownership and shipmanagement" of LNG vessels.
A strong tanker market could continue all the way into 2020, projects Nordic American Tankers. The company sailed at daily rates of USD 34,000 toward the end of the year and takes a positive outlook on next year despite uncertainty from, for instance, the trade war.
In the wake of a new deficit, chemical tanker operator Team Tankers pulls in strategic advisors to, among other things, assist with mergers and acquisitions.
A tanker vessel has received the largest possible fine for discharging wash water from an open-loop scrubber into the Elbe in the Port of Hamburg. The ship moreover sailed on high-sulfur fuel.
Singapore-based BW Group has sold a large part of its shares in tanker company DHT Holdings. According to Chair Andreas Sohmen-Pao, this was done to ensure better balance in BW Group's portfolio.
Product tanker shipping company Maersk Tankers expands its fleet with 11 ships as part of a deal with oil company BP's shipping division. The company now has almost 200 ships under management.
Gas shipping company BW LPG headed by Martin Ackermann books its largest quarterly profit ever. The company has a positive market outlook going into 2020.
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