Straits Tankers: Daily rates up to USD 40,000

Demand for the big LR1 product tanker vessels is rising due to fundamental changes in the sector. "LR1 is in an extremely interesting place," Straits Tankers CEO Søren Steenberg tells ShippingWatch.

BY KATRINE GRØNVALD RAUN

Developments in the market for oil products brings positive developments to the Singapore office of the Straits Tankers pool, which is owned by Hafnia Management and Japanese MOL and operates 31 major LR1 product tanker vessels.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles
Receive our daily newsletters
Access our app

Get full access for you and your coworkers

Start a free company trial today

Bugbee: Oil slide extends potential significantly
For subscribers
Maersk Tankers: Product tanker rebound is short-lived
Norden: Tanker at highest level since financial crisis
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

"The biggest challenge for the green transition in shipping is the supply of green fuel, and more initiatives like these are needed," Morten Bo Christiansen tells ShippingWatch. | Foto: Maersk Pr

Container

Maersk praises Cosco's plans to move into green methanol

”More initiatives like these are needed,” says Morten Bo Christiansen from Maersk, which has 25 methanol-powered ships in the pipeline.

For subscribers

Regulation

Lynn Loo urges shipping to "take steps outside its comfort zone"

For subscribers

"As an SME – as we still like to call us today – and with the customers we are serving globally we really need to latch on and grow substantially to stay relevant to our customers," says Constantin Conrad, CEO, Leschaco Group. | Foto: Leschaco

Logistics

German logistics company wants to grow 250 percent

For subscribers

Norden's contract in Gabon runs for ten years and requires the shipping company to invest around DKK 280m. | Foto: Magnus Møller

Bulk

Norden's venture in Gabon runs smoothly one month after military coup

For subscribers

Foto: Shannon Stapleton/Reuters/Ritzau Scanpix

Tanker

Russia still relies on Europe to ship its oil despite price cap breach

For subscribers

An ammonia bunker ship that can be loaded with 150 tonnes of ammonia. Ammonia capacity needs to be significantly increased, according to the IEA. | Foto: Stefan Sauer/AP/Ritzau Scanpix

Regulation

Energy agency: Ammonia is crucial for shipping's green transition

For subscribers

Norwegian carrier gets state funding for new ammonia vessels
Viridis Bulk Carriers expects to order its two ammonia vessels by the end of 2023 with support from the Norwegian state-owned investment fund Enova SF.
For subscribers
Fredriksen company loses legal dispute with shipyard over cancelled drilling rigs
Major South Korean shipbuilder Hanwha wins an arbitration case against John Fredriksen-controlled Northern Drilling regarding a cancelled order for two deepwater rigs.
For subscribers
IEA: Green fuels keep climate goals alive
The window of opportunity to keep the temperature rise below 1.5 degrees has narrowed and will require more international cooperation and ambition, according to a new report from the IEA.
For subscribers
German ports fear public savings
The expansion of German wind power and the import of green fuels are at risk if the state of Lower Saxony implements planned savings in the ports.
For subscribers
Navigare Capital cashes in from sale of several ships
The Danish investor, whose owners include Robert Mærsk Uggla, has taken advantage of high vessel prices. The timing was right, says the managing partner.
For subscribers
Union warns: Shipping still struggles to attract women
Shipping desperately needs female workers, but a cultural change is needed, says one union leader, as the work environment is ”extremely hostile.”
For subscribers

Lynn Loo urges shipping to "take steps outside its comfort zone"

The CEO of Global Centre for Maritime Decarbonisation believes the shipping industry must be ready to take a little more risk to achieve its climate goals.

For subscribers

Lidl's shipping company, Tailwind Shipping Lines, has a total of eight ships with a combined capacity of approximately 108,000 teu. | Foto: Horst Galuschka/AP/Ritzau Scanpix

Container

Lidl's shipping company makes changes to get more customers in store

Tailwind Shipping Lines was launched during the pandemic, when the German discount chain was struggling to get goods on the shelves.

For subscribers

”We are happy with the results. Obviously, in funds like ours, you will see that the returns are slightly lower in the beginning during the build-up phase, where you invest in vessels and get contract coverage on them,” says Henrik Ramskov. | Foto: Pr / Navigare Capital Partners

Carriers

Navigare Capital cashes in from sale of several ships

The Danish investor, whose owners include Robert Mærsk Uggla, has taken advantage of high vessel prices. The timing was right, says the managing partner.

For subscribers

Logistics

German logistics company wants to grow 250 percent

The third generation of the family behind Leschaco wants to grow the company, and fast. Leschaco needs to grow significantly, says the CEO.

For subscribers

Tanker

Russia exempts gasoils, bunker fuel from export ban

Russia’s government has amended its fuel-export ban, excluding bunker fuel, gasoils and some middle distillates from the export ban imposed last week, shows decree published in the its legal database.

For subscribers