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From scrapping to sanctions-busting

Vintage tankers sold to cash buyers for scrap are reborn in sanctioned trades, shipping Iranian crude to China via a network of subterfuge tankers

Asia Pacific Middle East and Africa Tankers and Gas
Crude Tankers

Crude Greeks decide it’s time to go very large

Central Group, Latsco Shipping, Maran Tankers, Athenian Sea Carriers, Capital Maritime, Navios and Samos Steamship are among the Greek owners that have arranged to get their hands on new VLCCs as prices seem headed higher and building slots dry up

Europe Greece

Tankers to feel limited impact from Suez Canal shutdown

If the blockage is prolonged, Wood Mackenzie expects oil product trade flows from Europe and the Mediterranean to the East of Suez to suffer a greater impact, reducing the availability of naphtha, petrochemical feedstocks and fuel oil to Asia

Egypt Tankers and Gas

Aegean Shipping fixes ‘green’ aframaxes for at least two years

Sources close to the Piraeus-based company say Green Admire and Green Adventure, both due in the first half of 2022, have been taken by Trafigura for at least two years each at $23,000 per day

International Greece

The week in charts: BDI hits five-month high | Libyan crude lift |Gasoline peak

Strong appetite for panamax and supramax vessels has pushed the Baltic Dry Index to its highest level since October last year, while stability in Libya could bring a boon in oil exports to a country reeling from a decade-long civil war

International Dry Bulk
Product Tankers

Hafnia gets $374m sustainability-linked loan

The product tanker owner agrees with 10 banks on its first ever syndicated sustainability-linked financing deal. Its fleet’s emissions performance will affect future margin adjustments

Products Finance

Vessels sell-off lifts Maersk Product Tankers to record profit

How quickly and effectively coronavirus vaccine is rolled out globally will determine timing of the rebalancing oil tanker market, company says

International Maersk Group

Texas winter freeze lifts product tanker rates

‘This is a significant impact to one of the world’s largest concentrations of olefins capacities, just under 20% of the global total, and tops recent disruption seen in August 2020 from Hurricane Laura,’  WoodMac’s analyst says 

International Tankers and Gas

Transatlantic product tankers divert as US refined products demand stalls

Diversions imply cargo surplus, adding further gloomy signal to depressed transatlantic tanker earnings which remain below operating expenses

International Tankers and Gas

Global LPG exports to rise as petchem demand grows

The tanker research and consulting group believes a forecast rise in LPG shipments will also be buoyed by strong incremental growth from several smaller exporters such as Algeria, Canada and Australia in the coming years

Tankers and Gas LPG

Petredec exercises option for three LPG-fuelled VLGCs

The move for the additional three 93,000 cu m LPG carriers is the second part of a deal for three vessels signed in November last year with the Chinese shipyard and would increase Petredec’s very large gas carrier fleet to 27 ships

Tankers and Gas LPG

China and India seen as key drivers for LPG shipping

Seaborne LPG trade has on an average surged by 4% annually during 2016–20, and LPG consultant Shantanu Bhushan expects the business to increase by an average annual growth rate of 3% during the next five years

China India

BW LPG positive on medium-term VLGC market

Due to current market weakness the company plans to bring forward six scheduled dry dockings and two special surveys. Around 11 VLGC remain to be retrofitted with dual-fuel LPG propulsion engines, out of which eight ships are scheduled in 2021 with the first likely to enter yards in mid-March

Singapore Tankers and Gas

Lower rates expected for Qatar LNG shipping tender

Qatar Petroleum has also offered shorter fixed tenures for the very numerous tankers being tendered out

Qatar Tankers and Gas

Flexible tonnage set to access untapped LNG demand

Small-scale ships capable of multi-tasking stand to benefit from better utilisation as LNG demand, which is tied to power generation, tends to be seasonal. While the commodity still needs time to gain enough clout as a marine fuel

International Tankers and Gas

Tiger Gas ships first bulk LNG cargo to China

The company is focused on shipping and distributing liquefied natural gas using ISO tanks to access the vast, untapped demand in China

China Malaysia

Kogas orders LNG bunker vessel

Its newbuilding will join a chartered-in vessel from Korea Line

South Korea Bunkers