Oil Storage at Sea Approaching Record Levels
Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far…
Frontline buys 10 Tankers from Trafigura
Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction
Euronav Reports Lowest Freight Rates since 2013
Belgian tanker operator Euronav reported a sharp drop in core profit for the first nine months of the year as freight rates in the oil tanker sector continued to fall. Excess tonnage in the global tanker market has put pressure on freight rates, as a large wave of new deliveries this year has offset scrapping. "Freight rates remained under sustained pressure ...
BB Energy buys Morgan Stanley's Aussie Diesel Terminal
BB Energy has bought Morgan Stanley's diesel terminal in Australia as the oil trader expands outside its core European and Middle East markets, the trading company said on Tuesday. The U.S. bank and its peers JPMorgan Chase & Co, Deutsche Bank and Goldman Sachs have been selling their physical commodity interests after the U.S.
Elektrans, CST/ Marine Service Float CHEMTRANS India
Elektrans Group and a company affiliated to the reputed German tanker operator Chemikalien Seetransport G.m.b.H. (CST) and the consultancy and engineering company Marine Service GmbH have concluded a joint venture agreement to set up “CHEMTRANS India Private Limited”. An agreement setting gears in motion was signed by Mr. Daniel Chopra (Executive Chairman, Elektrans Group) and Mr.
Iran Slowly Offloads Stockpiled Oil
Iran is slowly winding down stocks of oil stored on tankers close to its shores and the process is likely to take longer than Tehran had wanted, despite the lifting of international sanctions this month. The pace of sales taken from floating storage highlights the difficulties Iran is facing amid a global oil glut and other challenges such as the certification of its fleet.
Insurance Snags May Impede Iran Oil Exports
Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's banking, insurance and shipping sectors.
Tsakos Energy Declares Dividend
Tsakos Energy Navigation Limited (“TEN”) a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”; NYSE; TNPPRB) and…
TEN Charters up to Two Suezmax Shuttle Tankers
Tsakos Energy Navigation Ltd., a crude, product and LNG tanker operator, reached an agreement for a long-term time charter to a national oil company of a new DP2 suezmax shuttle tanker for delivery in the first quarter of 2017, with an option for a second vessel. This project will make a positive contribution to TEN’s bottom line.
Tsakos Energy Navigation Declares Dividend
Tsakos Energy Navigation Limited, a crude, product and LNG tanker operator, has announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares and $0.5547 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares.
Iraq Sues Tanker Operator over Kurdish Lifting
Iraq has filed a case against Greek shipping company Marine Management Services (MMS) for its role in the "illegal" export of crude from the autonomous Kurdistan region, the oil ministry in Baghdad said in a statement on Thursday. The lawsuit is the latest move by Baghdad to deter customers and thwart independent exports of crude from Kurdistan.
Tsakos Energy Navigation Declares Dividend
Tsakos Energy Navigation Limited (TEN), a crude, product and LNG tanker operator, has announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares and $0.55469 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares.
Gas tanker firm Avance announces Oslo IPO
Gas tanker operator Avance Gas Holding is planning an initial public offering (IPO) and aims to list its shares on the Oslo Bourse in April, one of its owners said on Wednesday, joining a flurry of Nordic firms planning stock market debuts. "As part of the IPO, Avance Gas will raise new capital to pursue consolidation opportunities…
