Search results for: product tanker

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  • 7 January 2016
    Business & Finance

    Newly-established product tanker company Navig8 Product Tankers Inc said that it has taken delivery of two newly constructed product tankers. One LR2 115,000dwt product tanker, named Navig8 Stability was delivered by Korean builder Sungdong Shipbuilding & Marine Engineering Co, Ltd. The second vessel is an LR1 74,000dwt product tanker, named Navig8 Excelsior, which was also […]

  • 27 October 2017

    Despite somewhat increased activity in terms of new orders in the product tanker sector in the first nine months of 2017, the orderbook remains at historically low levels, as disclosed by Capital Product Partners L.P. in a market commentary. The MR product tanker orderbook currently stands at 7.2% of the fleet, the lowest level on record. In addition, […]

  • 20 January 2016
    Business & Finance

    Shipping company Navig8 Product Tankers, part of Navig8 Group, has taken delivery of its third LR2 110,000 dwt product tanker from South Korean shipbuilder Sungdong Shipbuilding & Marine Engineering Co., Ltd. The new vessel, named Navig8 Solace, will be entered into and operated in the Alpha8 commercial pool, managed by the Navig8 Group. The company has so […]

  • 8 June 2017
    Business & Finance

    Danish shipping company Dampskibsselskabet Norden A/S (Norden) has purchased a 2009-built MR product tanker with a cargo capacity of 50,000 tonnes, taking advantage of low asset prices on the back of weakening tanker markets. The South Korean-built vessel is expected to be delivered in July 2017 and will be renamed Nord Pearl. The purchase marks Norden’s […]

  • 19 March 2015
    Business & Finance

    Danish product tanker owner Nordic Shipholding A/S made a profit of USD 2.3 million in 2014 due to improved earnings and a one-off gain of USD 5.2 million arising from the reversal of impairment loss on Nordic Anne previously recognised, which was slightly above expectations, the company said.  Excluding this gain, the group incurred a net […]

  • 24 April 2017
    Business & Finance

    Six armed persons in a skiff chased and fired upon a product tanker MT Costina underway off the coast of Somalia on April 22, according to IMB Piracy Reporting Centre. The incident occurred in the evening hours while the 7,018 dwt tanker was some 5.7 nautical miles East of Somali coast. The skiff chased the […]

  • 19 August 2015
    Business & Finance

    Danish tanker owner and operator Hafnia Tankers Ltd. (Hafnia) posted an operating profit of USD 34.7 million and profit of USD 26.7 million for the six months ended June 30, 2015 amid the best spot earnings in the product tanker market since 2009. Operating profit for the three months ended June 30, 2015 was USD 18.2 million and […]

  • 25 March 2020
    Business & Finance

    Danish tanker owner and operator Maersk Product Tankers returned to black having reported a profit of $91.4 million for 2019 as freight markets improved across all tanker segments. The profit marks a significant recovery when compared to a loss of $35 million a year earlier. The tanker shipping company reported an increase in revenue to […]

  • 19 August 2015
    Business & Finance

    Danish tanker owner and operator Hafnia Tankers Ltd. (Hafnia) posted an operating profit of USD 34.7 million and profit of USD 26.7 million for the six months ended June 30, 2015 amid the best spot earnings in the product tanker market since 2009. Operating profit for the three months ended June 30, 2015 was USD 18.2 million and […]

  • 6 June 2017
    Business & Finance

    Medium ranged product tankers (MRs) are definitely the workhorses of the product tanker shipping industry, being the most widely used vessels that can call at any port in the world including smaller and shallower ports, it was concluded during a webinar organized by Capital Link Shipping on June 1. MRs, capable of carrying multiple cargoes ranging […]

  • 19 May 2017
    Business & Finance

    Petroleum products shipping company Navig8 Product Tankers has taken delivery of the Navig8 Gratitude, a 113,000 DWT LR2 tanker from China’s Guangzhou Shipyard International Company Limited (GSI). The Navig8 Gratitude is the last of eight vessels contracted at GSI, formerly CSSC Offshore & Marine Engineering (Group) Company Limited, to be delivered to the company. The […]

  • 25 March 2020
    Business & Finance

    Maersk Product Tankers returned to black having reported a profit of USD 91.4 million for 2019.

  • 2 September 2015

    Impending fleet growth is expected to reduce the product tanker market’s earnings over the medium term impacting the healthy returns the market enjoyed in recent years, according to Drewry’s Product Tanker Market Annual Report 2015. The widespread switching of trade by product/chemical tankers (swing tankers) from chemicals to refined products has resulted in rapid growth in the […]

  • 16 August 2017
    Business & Finance

    Pressured by a difficult product tanker market, Danish shipping company TORM ended the second quarter of 2017 with a net loss of USD 1.6, compared to a net profit of USD 15 million seen in the same period a year earlier. The company’s revenue for the three months dropped to USD 157 million, from USD […]

  • 13 September 2016
    Business & Finance

    On September 12, 2016, Swedish tanker owner Terntank took delivery of M/T Ternfjord – the second in a series of four 15,000 dwt chemical tankers with a dual-fuel two-stroke engine being built by China’s Avic Dingheng Shipbuilding.  M/T Ternfjord left the shipyard one day later to load cargo destined for Europe. Terntank earlier said the vessel will […]

  • 24 April 2017
    Business & Finance

    Mumbai-based Great Eastern Shipping Company Ltd (G E Shipping) has signed a contract to acquire a secondhand Medium Range (MR) product tanker of about 51,000 dwt. The vessel, which was constructed in 2008, is scheduled to be delivered to the company in the first quarter of fiscal year 2018. The MR tanker would join G E […]

  • 11 January 2016
    Business & Finance

    Navig8 Product Tankers Inc has entered into an amended loan facility for USD 128.5 million with Credit Agricole Corporate and Investment Bank (CACIB) and BNP Paribas to provide additional financing for LR1 74,000 DWT product tankers being built at STX Offshore & Shipbuilding Co. Ltd. The initial USD 64.3 million loan facility with CACIB, which was […]

  • 2 September 2015

    Impending fleet growth is expected to reduce the product tanker market’s earnings over the medium term impacting the healthy returns the market enjoyed in recent years, according to Drewry’s Product Tanker Market Annual Report 2015. The widespread switching of trade by product/chemical tankers (swing tankers) from chemicals to refined products has resulted in rapid growth in the […]

  • 7 March 2013
    Business & Finance

      Scorpio Tankers Inc. announced yesterday that it has agreed to time charter-in a product tanker. A 2013 built MR product tanker will be time chartered-in for two years at $14,121 per day and is expected to be delivered by the end of April 2013. The agreement includes an option for the Company to extend […]

  • 16 June 2017
    Business & Finance

    Monaco-based tanker owner Scorpio Tankers has completed the acquisition of four LR1 tankers from Navig8 Product Tankers. Scorpio Tankers purchased the quartet for USD 42.2 million in cash consideration and assumed debt of USD 113.8 million. The move is part of definitive agreements to merge, signed between the shipowners in late May. The cash is expected […]

  • 14 March 2016
    Business & Finance

    The Greece-based product tanker company Pyxis Tankers Inc. has regained compliance with the Nasdaq’s continued listing requirements regarding the minimum closing bid price, the company said. “We received a written notification from The NASDAQ Stock Market, Inc. on March 11, 2016 stating that the closing bid price of our shares has been USD 1.00 per share […]

  • 20 February 2014
    Business & Finance

    Scorpio Tankers Inc. has entered into an agreement to sell its 2008 built, LR2 product tanker, STI Spirit, for $30.2 million. The sale is expected to close in April 2014. Scorpio Tankers Inc. currently owns 21 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, 14 MR tankers, and one post-Panamax tanker) with an […]