Asia's Booming Diesel Market Draws Rare European Cargoes
Rare cargoes booked out of Europe to Asia, Middle East; Indian demand, refinery maintenance boost Asian prices. Oil traders are shipping diesel out of Europe to Asia and the Middle East where strong demand and tighter supplies have boosted prices, in a rare arbitrage that reverses traditional routes. At least three 90,000 tonne…
European Gasoline arb to U.S. East Coast Widens
U.S. gasoline prices recently soared to multiyear seasonal highs over European prices, setting the stage for more imports from across the Atlantic, but high freight costs mean not everyone will be able to take advantage of the arbitrage opportunity. The difference between benchmark RBOB U.S. gasoline and benchmark Eurobob gasoline…
Navig8 Acquires Second Tanker from SPP
Navig8 Product Tankers Inc. today announced that it has taken delivery of the Navig8 Providence, a 74,000 DWT LR1 tanker from SPP Shipbuilding Co., Ltd. (“SPP”). The Navig8 Providence is the second of four vessels contracted at SPP to be delivered to the Company and is the second vessel to be delivered under the sale and leaseback agreements entered into with CMB Financial Leasing Co.…
Navig8 Acquires Product Tanker
Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Experience, a 74,000 DWT LR1 tanker from STX Offshore & Shipbuilding Co., Ltd. The Navig8 Experience will operate in Navig8 Group’s LR8 commercial pool.
General Maritime to buy Navig8 Crude Tanker
General Maritime Corp, which operates crude oil tankers, will acquire Navig8 Crude Tankers Inc in a stock-for-stock deal, the two companies said in a statement. A newly formed unit of General Maritime will acquire all of Navig8 Crude's common shares to form Gener8 Maritime Inc. Tanker companies, struggling to cope with poor charter rates…
Navig8 to Acquire ECO Chemical Tankers
Navig8 Chemical Tankers Inc. is pleased to announce that it has signed resale purchase agreements with an agribusiness group to purchase two ECO 49,000 dwt chemical tankers currently under construction at Hyundai Vinashin Shipyard Co. Ltd. that were originally ordered by the Seller. Both Vessels are scheduled for delivery in Q1 2015.
STX Offshore Wins $388M Order for 8 Tankers
Reuters - South Korea's STX Offshore & Shipbuilding Co Ltd said on Monday it won a 413.8-billion won ($387.63 million) order to build eight tankers from from Navig8 Product Tankers Inc. The South Korean shipbuilder said in a statement the contract includes an option for four more tankers, which would take the total order amount to about 620 billion won.
