VLCCs

It is Oil Supremacy Tiff Now! VLCCs Booked on Subs for More Than $200,000 a Day!

  • VLCCs, trading in gloom for around $18,000, were booked on subs for up to $241,949 a day.
  • Limiting crude production negotiations came to an acrimonious end over the weekend. 
  • Non-scrubber fitted ships reap higher bids than the ones burning HSFO. 

VLCCs reached back to its six-digit territory with Saudi Arabia flooding the markets with oil, taking a huge swathe of ships on subs, reports Sam Chambers for Splash 247.

Oil supremacy fight

VLCCs, trading in gloom for around $18,000, were booked on...

http://mfame.guru/it-is-oil-supremacy-tiff-now-vlccs-booked-on-subs-for-more-than-200000-a-day/

Crude Demand Fall! Traders Resort To Floating Storage on VLCCs

  • Crude floating storage on VLCCs rises as China demand falls.
  • This fall has compelled several trading companies and cargo-holders to resort to floating storage, mainly on VLCCs. 
  • The US Energy Information Administration lowered its forecast for average global petroleum and liquid fuels demand for the first quarter of 2020 by 0.9 million b/d.
  • At least 40 VLCCs are being used for floating storage near Singapore, but close to half of them are loaded with fuel oil.
  • Crude slid for a fifth straight...

http://mfame.guru/crude-demand-fall-traders-resort-to-floating-storage-on-vlccs/

Okeanis Announces Arbitration Outcome for 4 VLCCs

In a major development, Okeanis Eco Tankers Corp. has announced the outcome of the arbitration proceedings related to 4 VLCCs on Long-Term Bareboat Charter, says a press release published on its website.

What is it?

On 9 October 2019, four single-purpose companies (the “Charter Guarantors”) wholly owned by Okeanis Eco Tankers Corp. (“OET” or the “Company”) that each operate one VLCC on long-term bareboat charter from Ocean Yield ASA (“Ocean Yield”) gave notice to Ocean Yield requiring the sale...

http://mfame.guru/okeanis-announces-arbitration-outcome-for-4-vlccs/

Boxships Prepare for the Sulphur Cap With Best Fit Solutions

Containership operators are often at the forefront of adopting green technology. They have been among the biggest adopters of liquified natural gas (LNG) as a solution to the upcoming sulphur mandates and tightening NOx emissions, says an article published in Riviera Maritime Media.

Using LNG as bunker fuel brings its own challenges in terms of accommodating the fuel tank in the ship design, locating and operating the fuel gas handling system, and the engine for main propulsion and now they are...

http://mfame.guru/boxships-prepare-for-the-sulphur-cap-with-best-fit-solutions/

Hyundai Heavy wins order for 3 VLCCs as S. Korean shipbuilding grows

Hyundai Heavy Industries informed that it has secured a 320 billion won (US$286 million) deal to construct three very large crude carriers (VLCCs). Hyundai Heavy will deliver the vessels, feach being 330 meters long and 60 meters wide, beginning in the second half of 2020.

According to Yonhap news agency, Hyundai Heavy and its two affiliates aspire to win $15.9 billion worth of shipbuilding deals in 2019, marking an increase of 21% from 2018.

Last year, they won $14 billion worth of deals to...

https://safety4sea.com/hyundai-heavy-wins-order-for-3-vlccs-as-s-korean-shipbuilding-grows/

HHI receives world’s first ‘Cyber Security Ready’ certificate for VLCC

South Korean shipbuilder Hyundai Heavy Industries Co., the world’s largest shipbuilding company, announced that it has received a cyber security certificate from the American Bureau of Shipping (ABS) for one of its very large crude carriers (VLCCs). This was the first time in the world that the company received the Cyber Security Ready (CSR) for a VLCC.

The certification refers to a cyber security technology by HHI that prevents cyber security threats inside and outside of ships. Paul R....

https://safety4sea.com/hhi-receives-worlds-first-cyber-security-ready-certificate-for-vlcc/

DHT secures $50 million scrubber financing

Bermuda-based crude oil tanker company DHT Holdings, Inc. (DHT) announced that it has secured commitment to a $50 million financing for its earlier publicized scrubber retrofit project, subject to final documentation. The financing is structured through an increase of the existing $300 million secured credit facility entered into in the second quarter of 2017.

The increased facility will bear the same interest rate equal to Libor + 2.40%. The increased facility is available immediately and will...

https://safety4sea.com/dht-secures-50-million-scrubber-financing/

International Seaways chooses scrubbers for VLCC fleet ahead 2020

US-based tanker company International Seaways, Inc. (INSW) announced that it has signed contracts with Norwegian Clean Marine AS and a qualified system installer for the purchase and installation of scrubbers on seven of its modern VLCCs, with an option for a further three systems covering the remaining three VLCCs in its fleet.

The announcement comes amid a hot debate in shipping industry, regarding to which is the best solution for compliance with the upcoming stringent environmental...

https://safety4sea.com/international-seaways-chooses-scrubbers-for-vlcc-fleet-ahead-2020/

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