VLCCs

DHT Holdings, Inc. Acquires 2 VLCCs

  • DHT Holdings, Inc. announces that it has entered into agreement to acquire two VLCCs built in 2016 at DSME (Daewoo) for USD 136 million.
  • The vessels are scheduled to deliver during the first half 2021.
  • The Company will finance the acquisition with available liquidity and projected mortgage debt hence it is expected to be accretive to DHT’s earnings per share.

A recent news article published in the DH Tanker reveals that DH Holdings, Inc. announces the acquisition of  two VLCCs.

Scrubber fitted...

https://mfame.guru/dht-holdings-inc-acquires-2-vlccs/

Falling Oil Prices Vs Tanker Market Boom

Tanker shipping was one of the few winners amid the global rout in stock markets and oil prices seen during the first few months of this year, in the face of falling industrial activity and weak demand as the world came to terms with the coronavirus pandemic, says an article published in financial times.

Impact of the pandemic

Over the last few months, we have seen an explosion in tanker freight rates with the largest class of tankers, the VLCCs (Very Large Crude Carrier) making headlines as the...

https://mfame.guru/falling-oil-prices-vs-tanker-market-boom/

Floating Storage Squeezes Supply In The Crude Tanker Market

  • A sudden plunge in oil demand on account of COVID-19 proved to be a blessing in disguise for the oversupplied crude tanker market in 2Q20, which led to a surge in onshore and offshore storage of crude in March-April.
  • As a result, many vessels locked-in floating storage have started to return to trade, hurting freight rates.
  • An increase in the short-term period chartering of VLCCs has raised market speculation about another surge in floating storage of crude oil.
  • However, the timing of the...

https://mfame.guru/floating-storage-squeezes-supply-in-the-crude-tanker-market/

Oil tankers face new normal amid pandemic and decarbonization drive

Platts spot freight rates 2020

The global tanker shipping industry is likely to find a new normal in the medium term, with sales of second-hand ships taking center stage while orders for newbuilds slow down.

Meanwhile, existing tanker companies may become bigger as ships change hands, or they may form pools to enable better bargaining with charterers, while shying away from ordering new ships.

Uncertainties over how and when the coronavirus pandemic will end are partly behind the new approach, but so is the higher use of...

https://blogs.platts.com/2020/09/24/oil-tankers-coronavirus-decarbonization-freight/

Chinese Bound Crude Volume Fall Hints Faltering Demand

  • Tankers bound for the Asian country reduced highlighting buying weakness.
  • The Chinese bound crude volume plunged to its lowest level since early May.
  • The rise in global COVID-19 infections, and the world bracing for a second wave of the virus caused faltering demand.
  • The number of very large and ultra-large crude carriers bound for China is slumping.
  • China’s demand for oil seems to be slowing, with a slip in physical prices. 

The reduced number of tankers bound for the Asian country highlights...

https://mfame.guru/chinese-bound-crude-volume-fall-hints-faltering-demand/

DSIC To Build VLCCs With Air Lubrication and Sail Assistance

The VLCC newbuilds by China Merchants will feature air lubrication and sail assistance, MarineLog.

Virtual signing ceremony 

The newbuilding order was signed in a three-way virtual signing ceremony with participants in Beijing, Dalian and Hong Kong. 

The VLCC ships will be built by China Shipbuilding Group’s Dalian Shipbuilding Industry Corporation and will feature air lubrication and sail assistance.

The order was signed in a three-way virtual signing ceremony with participants in Beijing, Dalian...

https://mfame.guru/dsic-to-build-vlccs-with-air-lubrication-and-sail-assistance/

Wärtsilä Fuel Efficiency Boost will reduce both fuel consumption and greenhouse gas emissions for four KOTC VLCCs

The M/T Al Funtas is one of four KOTC very large crude carriers (VLCCs) to be retrofitted with the Wärtsilä Fuel Efficiency Boost. Copyright: KOTC.

Wärtsilä Fuel Efficiency Boost will reduce both fuel consumption and greenhouse gas emissions for four KOTC VLCCs

Wärtsilä Corporation, 13 May 2020 at 10 am EEST – The technology group Wärtsilä has been contracted to upgrade the performance of four vessels owned by Kuwait Oil Tanker Company (KOTC), a subsidiary of Kuwait Petroleum Company (KPC), by...

https://www.allaboutshipping.co.uk/2020/05/13/wartsila-fuel-efficiency-boost-will-reduce-both-fuel-consumption-and-greenhouse-gas-emissions-for-four-kotc-vlccs/

10% of the Global VLCC Fleet Bunker Consumption To Reduce!

According to price reporting agency Argus Media, VLCC tanker bookings since March with the option to store oil has reached 71, reports Ship & Bunker.

Oversupply in crude markets 

The number of VLCC tankers booked since March with the option to store oil has reached 71, as the current oversupply in crude markets fills land-based storage.

Argus reported, the 71 VLCCs are in addition to at least 31 Suezmaxes and 23 Aframaxes booked on similar terms.

VLCCs as floating storage

Apart from its...

http://mfame.guru/10-of-the-global-vlcc-fleet-bunker-consumption-to-reduce/

Tanker Rates Soar As Crude Oil Shipping Demand Increases!

According to a Reuters report, shipping sources have said that a surge in demand to ship the flood of crude oil unleashed by Saudi Arabia and its OPEC peers is sending freight rates surging and forcing buyers to seek out space on smaller tankers with the largest ones booked.

What happened?

Freight charges to ship oil in Suezmax tankers, which can hold about 1 million barrels, have in some cases increased ten-fold amid a shortage of very large crude carriers (VLCCs) capable of carrying as much as...

http://mfame.guru/tanker-rates-soar-as-crude-oil-shipping-demand-increases/

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