The demand for newbuilds, particularly in the container segment, has pushed up the price for new vessels. The same goes for tanker vessels, although the pressured market has led to fewer orders, writes Gibson.
In the first half of the year, tanker company Exmar saw higher rates in the MGC segment in particular, while the company entered sale agreements for multiple vessels. This helped boost the results in the first six months of 2021. The carrier has also appointed a new CFO.
Head of Research at Norwegian Cleaves Securities Joakim Hannisdahl has been appointed as CEO of Cleaves Asset Management, a newly established shipping hedge fund that will have USD 100 million under management.
Nordic American Tankers booked a significant deficit in the second quarter as a result of the weak tanker market. After having reduced the number of vessels, Herbjørn Hannson's tanker operator is now open to expanding its fleet by purchasing second-hand ships.
A large number of tanker carriers have booked substantial quarterly deficits this year, but Hafnia's CEO doesn't believe it to be caused by an excessive amount of vessels in the market. The supply side is under control with the lowest fleet growth in twenty years, he tells ShippingWatch.
Like many other product tanker operators, Hafnia is under pressure as a result of a weak oil market. For the third quarter running, the company sees red figures on the bottom line. Hafnia's CEO is seeing signs of a recovery.
Both Höegh LNG and Awilco LNG raised their top linesi n the second quarter of 2021 compared to last year. Nevertheless, Höegh LNG still booked a deficit on the bottom line, which was dragged further down by a tax provision.
Sovcomflot nets profit in the second quarter, which has generally triggered deficits across the entire tanker sector. Long-term contracts at fixed rates drive the positive result from the Russian state-owned carrier.
Gas carrier BW LPG suffered a decline due to lower spot rates and several out-of-service vessels. The company is optimistic about 2022, but a high number of newbuild orders casts uncertainty on the market after that.
Tanker carrier Frontline takes a dive into the red in the second quarter in a tanker market where a considerable proportion of the fleet is sailing at negative rates. "This is not sustainable," notes CEO Lars H. Barstad in the financial report.
Even though the demand for crude oil and refined products is still low, the vessel values are rising on the tanker market, which is moving up after bottoming out. Figures will turn black in the second half of 2022, says Drewry.
Negotiations regarding a merger of Nordic Shipholding and another partner have crumbled. As a result, the small product tanker carrier will divest its remaining three vessels and turn the key, the company informs.
John Fredriksen's Hemen Holding has increased its stake in gas ship operator Avance Gas, and the holding company aims to make a bid for all of the shares and thus take over the company, reports Finansavisen.
The weak tanker market is currently the great unknown for shipping, CEO at Maritime & Merchant Halvor Sveen tells ShippingWatch. But the shipping bank is still considering financing more projects within the sector.
Norden CEO Jan Rindbo eyes the first faint signs of improvement for tanker after yet another "very poor" quarter for the sector. But the CEO doesn't foresee any impactful improvements of the sector until 2022.