VLCCs

BIMCO: Crude tanker newbuild contracting jumps 490%

We’re supposed to be weaning ourselves off oil, right? So why has tanker newbuild contracting been soaring? BIMCO shipping analyst Filipe Gouveia has some answers.

“In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m DWT, a 490% leap y/y, due to a rise in orders for very large crude carriers – VLCCs. A notable 19 VLCCs were ordered, already surpassing the number of orders for this ship type during all of 2023,” says Gouveia.

Since the start of the war in Ukraine,...

https://www.marinelog.com/legal/shipping/bimco-crude-tanker-newbuild-contracting-jumps-490/

Euronav set to acquire CMB.TECH

The Saverys family is continuing with the reshaping of Euronav (NYSE:EURN) following the deal that saw 24 of the company’s VLCCs being transferred to John Fredriksen’s Frontline, resolving a long-running merger battle, Euronav, whose controlling shareholder is now the Saverys family controlled CMB NV, on Friday, reached an agreement to acquire CMB’s clean tech division, CMB.TECH NV, for $1.15 billion in cash. The purchase price will be financed from the cash proceeds of the sale of the 24...

https://www.marinelog.com/news/euronav-set-to-acquire-cmb-tech/

No Sanctions: A Tanker Market Revival?

Credit: chris-pagan/ unsplash

Sanctions no more: A new era for the tanker market? asks a Tankers International news source.

US Sanctions

In an unexpectedly lenient move, the US announced last week that sanctions against companies trading in Venezuelan oil will be dropped. This provides an opportunity for a reshuffling of oil movements, particularly in the Atlantic basin, and with that comes a renewed focus on VLCC employment and impacts on the ‘dark fleet’.

As its sanctions are removed, Venezuela...

https://mfame.guru/no-sanctions-a-tanker-market-revival/

What Change Dirty Tanker Trading Dynamics?

Credit: chris-pagan-unsplash
  • Q3 oil demand growth projected at 2.4 million b/d
  • VLCCs now taking nearly half of exports to Europe
  • Shipowners repositioning amid WAF tax bill uncertainty

Dirty tanker trade dynamics shift as market heads into summer doldrums, highlights a Platts news source.

Freight markets for tankers

Freight markets for tankers carrying crude and dirty products out of the Americas face mixed fundamentals heading into the traditionally weaker summer months, as geopolitics continue...

https://mfame.guru/what-change-dirty-tanker-trading-dynamics/

One Of The World’s First Dual-Fuel VLCCs Unveiled In South Korea

Eagle Valence

AET, a leading owner and operator of maritime transportation assets and specialised services, named its newest vessel which is also one of the world’s first dual-fuel and amongst the most environmentally friendly VLCCs in the market. It is the first of two dual-fuel VLCCs built for long-term charter to Chartering and Shipping Services SA, a wholly owned subsidiary of TotalEnergies SA, based on the agreement signed in April 2020.

The 300,000dwt tanker, Eagle Valence was unveiled at a virtual...

https://www.marineinsight.com/shipping-news/one-of-the-worlds-first-dual-fuel-vlccs-unveiled-in-south-korea/

Nippon Paint Marine’s FASTAR antifouling applied to COSCO ships

Nippon Paint Marine’s FASTAR antifouling applied to COSCO ships

COSCO Star will dock at the COSCO Shipping’s repair yard in Shanghai in February for FASTAR® I application

NIPPON PAINT MARINE’S NEW FASTAR ANTIFOULING EARMARKED FOR COSCO SHIPPING VLCC FLEET

COSCO Shipping has indicated it will coat its entire fleet of VLCCs with Nippon Paint Marine’s new antifouling system FASTAR® once initial applications have been evaluated.

The hulls of the passenger ferry COSCO Star and the 56,000dwt bulk carrier 

https://allaboutshipping.co.uk/2022/01/24/nippon-paint-marines-fastar-antifouling-applied-to-cosco-ships/

Tankers International meets demand for more intuitive, actionable fixtures data with new app

Tankers International meets demand for more intuitive, actionable fixtures data with new app

Charlie Grey, Chief Operating Officer, Tankers International

Faster access to actionable data further boosts transparency in the VLCC tanker market while providing enhanced market insights to boost users’ profit margins 

London, 2nd December 2021: Tankers International, the world’s leading shipping pool for VLCCs, today announced the launch of its new improved VLCC fixtures app. The latest version of the...

https://allaboutshipping.co.uk/2021/12/02/tankers-international-meets-demand-for-more-intuitive-actionable-fixtures-data-with-new-app/

Frontline Acquires Six ECO-Type VLCCs Under Construction At HHI For $565.8 Million

An undated handout photo, provided to the media on Wednesday, Jan. 7, 2009, shows a supertanker called 'Front Shanghai', which is a Frontline Ltd., vessel. Oil traders are seeking as many as 10 supertankers to store crude, potentially taking the amount hoarded at sea to almost five days of European Union demand, according to Frontline Ltd., the largest owner of the vessels. Source: Frontline Ltd., via Bloomberg News EDITOR'S NOTE: NO SALES

Frontline Ltd. (“Frontline” or the “Company”) has entered into an agreement for the acquisition through resale of six latest generation ECO-type VLCC newbuilding contracts.

The six VLCCs are currently under construction at the Hyundai Heavy Industries (“HHI”) shipyard in South Korea and are being acquired for an aggregate purchase price of $565.8 million, including an estimated $25.7 million in additions and upgrades to the standard specifications.

The vessels are designed to operate on different...

https://www.marineinsight.com/marine/frontline-acquires-six-eco-type-vlccs-under-construction-at-hhi-for-565-8-million/

LNG Powered Vessel Orders Hit Record High in March

Classification society DNV says orders for LNG-powered ships hit record high in March as a growing number of owners opt for the fuel to comply with stricter rules and slash emissions.

Orders for LNG-Powered Ships

According to DNV’s Alternative Fuels Insight platform, owners placed in total 21 orders for LNG-powered ships in March including 13 very large crude carriers, two capesize bulkers, and two cruise ships.

This marked the highest number of orders for LNG-fueled ships in a month since DNV...

https://mfame.guru/lng-powered-vessel-orders-hit-record-high-in-march/

Effect of Bunker Prices Spike on Scrubber-Fitted VLCCs

  • Non-scrubber fitted tankers in the red on key routes
  • Widening HSFO discount to LSFO may revive scrubber market
  • Rising LSFO prices to push up demand for HSFO

The rising discounts which high sulfur fuel oil is enjoying over its low sulfur cousin has resulted in a clear two-tier market for VLCCs, where tankers with scrubbers are showing daily earnings, or else running into losses, market participants said Feb. 16, reports S&P Global Platts.

About Scrubbers

Scrubbers are exhaust gas systems, which...

https://mfame.guru/effect-of-bunker-prices-spike-on-scrubber-fitted-vlccs/

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