Tankernieuws, olieprijzen en bunkers
Re: Tankernieuws, olieprijzen en bunkers
Iranian oil tankers free to cross Panama Canal
Iran and Panama have reached agreement on Iranian tanker ships crossing the Panama Canal and to register vessels under Panamanian flag.
In time with the visit to Tehran of Jorge Barakat Pitty, Panama's Minister of Maritime Affairs and Administrator of the Panama Maritime Authority, and conducting final negotiations with Iranian authorities, the agreement has been reached for the Iranian tankers to commute through the Panama Canal using the flag of convenience.
Following a meeting with Jorge Barakat Pitty of Panama, Director of National Iranian Tanker Company (NITC) Ali Akbar Safaei announced the Caribbean littoral state’s readiness to cooperate with Iran in various areas including ship registration, and to allow Iranian merchant ships to fly Panama's flag.
Panama has just three million people and little history of maritime trade yet paradoxically is home to the world's largest fleet of ships.
As of 2009, more than half of the world’s merchant ships were registered with open registries, and the Panama flags accounted for almost 18% of the entire world fleet, in terms of deadweight tonnage.
During sanction year, Iranian tankers had to fly flags of African countries like Tanzania in order to bypass international restrictions as Panama would not cooperate with Iran in this regard.
Source: MNA
Iran and Panama have reached agreement on Iranian tanker ships crossing the Panama Canal and to register vessels under Panamanian flag.
In time with the visit to Tehran of Jorge Barakat Pitty, Panama's Minister of Maritime Affairs and Administrator of the Panama Maritime Authority, and conducting final negotiations with Iranian authorities, the agreement has been reached for the Iranian tankers to commute through the Panama Canal using the flag of convenience.
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Panama has just three million people and little history of maritime trade yet paradoxically is home to the world's largest fleet of ships.
As of 2009, more than half of the world’s merchant ships were registered with open registries, and the Panama flags accounted for almost 18% of the entire world fleet, in terms of deadweight tonnage.
During sanction year, Iranian tankers had to fly flags of African countries like Tanzania in order to bypass international restrictions as Panama would not cooperate with Iran in this regard.
Source: MNA
Re: Tankernieuws, olieprijzen en bunkers
Saudi tanker owner Bahri sees earnings increase
The National Shipping Company of Saudi Arabia (Bahri) announced on Monday (Apr 18) the interim financial results for the period ending on March 31, 2016 (three months).
Source: Bahri
The National Shipping Company of Saudi Arabia (Bahri) announced on Monday (Apr 18) the interim financial results for the period ending on March 31, 2016 (three months).
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Re: Tankernieuws, olieprijzen en bunkers
Supertankers line up at Kuwait oil port after strike ends
Six supertankers have lined up at Kuwait's crude export terminal to load oil on Wednesday, as the country's oil and gas sector gradually returns to normal after workers ended a three-day strike that had slashed crude production.
Kuwaiti oil and gas workers walked out on Sunday and cut the OPEC member's crude production by nearly half and disrupted its refining operations.
Crude Oil Tanker Elizabeth I.A. Image: Steve Greenwood
Kuwait raised its output to 1.5 million barrels per day on Tuesday after it fell to 1.1 million bpd on Sunday. The country produced 2.8 million bpd in March.
"There are still some lifters who worry about oil loading,"said a trader with a north Asian company.
Seven Very Large Crude Carriers have arrived at Mina al-Ahmadi port since Saturday, shipping data showed.
Tanker BW Ulan loaded oil on Monday and is heading to South Korea. The remaining six tankers are still at the port.
Global oil prices fell more than $1 a barrel on Wednesday on the end of the strike in Kuwait. Prompt Dubai monthly spreads have also eased.
Delays at the Kuwaiti port have added to huge queues of supertankers which have formed in Iraq and China as ports struggle to cope with a global oil glut.
Supertankers at the Mina al-Ahmadi terminal:
- Eneos Spirit arrived on April 16;
- Elizabeth I.A. arrived on April 19;
- Al Salheia arrived on April 18;
- Ridgebury Pride arrived on April 18;
- Selene Trader arrived on April 18;
- Dar Salwa arrived on April 18;
Source: Reuters / Reporting by Florence Tan; Editing by Ed Davies
Six supertankers have lined up at Kuwait's crude export terminal to load oil on Wednesday, as the country's oil and gas sector gradually returns to normal after workers ended a three-day strike that had slashed crude production.
Kuwaiti oil and gas workers walked out on Sunday and cut the OPEC member's crude production by nearly half and disrupted its refining operations.
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Kuwait raised its output to 1.5 million barrels per day on Tuesday after it fell to 1.1 million bpd on Sunday. The country produced 2.8 million bpd in March.
"There are still some lifters who worry about oil loading,"said a trader with a north Asian company.
Seven Very Large Crude Carriers have arrived at Mina al-Ahmadi port since Saturday, shipping data showed.
Tanker BW Ulan loaded oil on Monday and is heading to South Korea. The remaining six tankers are still at the port.
Global oil prices fell more than $1 a barrel on Wednesday on the end of the strike in Kuwait. Prompt Dubai monthly spreads have also eased.
Delays at the Kuwaiti port have added to huge queues of supertankers which have formed in Iraq and China as ports struggle to cope with a global oil glut.
Supertankers at the Mina al-Ahmadi terminal:
- Eneos Spirit arrived on April 16;
- Elizabeth I.A. arrived on April 19;
- Al Salheia arrived on April 18;
- Ridgebury Pride arrived on April 18;
- Selene Trader arrived on April 18;
- Dar Salwa arrived on April 18;
Source: Reuters / Reporting by Florence Tan; Editing by Ed Davies
Re: Tankernieuws, olieprijzen en bunkers
BW LPG announces financing program for four VLGC newbuildings and takes delivery of BW Tucana
BW LPG Limited (BW LPG) announced on Wednesday that it has signed a Debt Facility Agreement of USD221 million for the financing of four of its VLGC newbuildings. The financing has been raised from ING Bank, KFW IPEX-Bank GmbH, Oversea-Chinese Banking Corporation Limited (OCBC) and Standard Chartered Bank, as Mandated Lead Arrangers. ING Bank also acted as coordinator and facility agent. The loan is insured by Korea Trade Insurance Corporation (K-Sure). The all-in cost for this financing is LIBOR plus 1.60%, with an 18-year amortization profile.
Image: BW LPG
BW LPG Chief Executive Officer, Martin Ackermann, commenting on the financing said, “We are very pleased with this financing, which leverages the well-priced Korean ECA lending to provide an exceptional all-in cost and structure. This is a clear demonstration of BW LPG’s platform value in obtaining market leading financing. We are grateful to our lenders for their continued support.”
BW LPG Limited has also announced the delivery of BW Tucana, the seventh Very Large Gas Carrier (VLGC) in its newbuilding programme of eight VLGCs from Hyundai Heavy Industries. With the BW Tucana, BW LPG has a fleet of 40 vessels, comprising 28 owned VLGCs, seven chartered-in VLGCs and five owned LGCs. In addition, BW LPG has five VLGC newbuildings under construction.
Source: BW LPG
BW LPG Limited (BW LPG) announced on Wednesday that it has signed a Debt Facility Agreement of USD221 million for the financing of four of its VLGC newbuildings. The financing has been raised from ING Bank, KFW IPEX-Bank GmbH, Oversea-Chinese Banking Corporation Limited (OCBC) and Standard Chartered Bank, as Mandated Lead Arrangers. ING Bank also acted as coordinator and facility agent. The loan is insured by Korea Trade Insurance Corporation (K-Sure). The all-in cost for this financing is LIBOR plus 1.60%, with an 18-year amortization profile.
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BW LPG Chief Executive Officer, Martin Ackermann, commenting on the financing said, “We are very pleased with this financing, which leverages the well-priced Korean ECA lending to provide an exceptional all-in cost and structure. This is a clear demonstration of BW LPG’s platform value in obtaining market leading financing. We are grateful to our lenders for their continued support.”
BW LPG Limited has also announced the delivery of BW Tucana, the seventh Very Large Gas Carrier (VLGC) in its newbuilding programme of eight VLGCs from Hyundai Heavy Industries. With the BW Tucana, BW LPG has a fleet of 40 vessels, comprising 28 owned VLGCs, seven chartered-in VLGCs and five owned LGCs. In addition, BW LPG has five VLGC newbuildings under construction.
Source: BW LPG
Re: Tankernieuws, olieprijzen en bunkers
Tanker Orders And The Flexibility Factor
As the downturn in the number of new vessel orders last year took hold, shipyards’ flexibility to switch sectors to take orders became a key factor in their ability to face up to an extremely challenging period. Tanker newbuild orders provided one source of business amongst the gloom, so how able did yards prove in demonstrating their adaptability to take advantage of this demand?
The tanker sector was one of the few bright spots for shipbuilding in 2015, with the volume of new tonnage ordered reaching its highest level since 2008. A total of 456 tankers of a combined 49.5m dwt were contracted globally, an increase of 72% year-on-year. This was in stark contrast to the majority of other markets in which newbuilding interest in 2015 was muted. As a result, many yards struggling to secure new contracts, particularly for bulkers, diversified into the tanker sector.
While Korean yards took the largest share (46%) of tanker orders in 2015 in dwt terms, many shipbuilders in Japan and China which had not recently taken tanker contracts were particularly active in entering or returning to the sector. Looking at vessels of 60,000 dwt and above, 33 shipyards took an order in 2015, the highest total since 2006.
This compares to the 18 yards which took a 60,000+ dwt tanker order in 2013, when 528 tankers of 37.6m dwt were contracted. Of those ‘extra’ yards that didn’t take any 60,000+ dwt tanker contracts in 2013, but did secure contracts in 2015, 5 had never previously taken a tanker order on record. A further 4 yards had not taken any tanker orders in the period 2010-14. The majority of these 9 shipyards were primarily bulk carrier builders which diversified into the sector in 2015 as their normal source of new contracts dried up. As well as these ‘new’ players, there were also 2 yards which had taken tanker orders previously, but only for vessels under 60,000 dwt. Upsizing was a clear short-term trend in tanker ordering in 2015, with the average size of new orders reaching c.108,500 dwt compared to c.77,200 dwt in 2014, and some yards were able to win contracts for bigger vessels for the first time.
The number of Japanese yards taking a tanker contract (60,000+ dwt) tripled between 2013 and 2015, with 9 yards taking a total of 47 orders last year. Meanwhile in China, 12 yards took orders last year for 81 tankers of 60,000+ dwt, up from 6 yards in 2013. The majority of the ‘extra’ builders across both countries were previously focused on the bulk carrier sector, diversifying into tanker construction in order to secure new work. Outside of the major Asian builder countries, Spanish yard Navantia Ferrol notably signed contracts for 4 Suezmaxes, the first 60,000+ dwt tankers reported ordered at a Western European yard since 1998.
Source: Clarkson Research Services Limited
As the downturn in the number of new vessel orders last year took hold, shipyards’ flexibility to switch sectors to take orders became a key factor in their ability to face up to an extremely challenging period. Tanker newbuild orders provided one source of business amongst the gloom, so how able did yards prove in demonstrating their adaptability to take advantage of this demand?
The tanker sector was one of the few bright spots for shipbuilding in 2015, with the volume of new tonnage ordered reaching its highest level since 2008. A total of 456 tankers of a combined 49.5m dwt were contracted globally, an increase of 72% year-on-year. This was in stark contrast to the majority of other markets in which newbuilding interest in 2015 was muted. As a result, many yards struggling to secure new contracts, particularly for bulkers, diversified into the tanker sector.
While Korean yards took the largest share (46%) of tanker orders in 2015 in dwt terms, many shipbuilders in Japan and China which had not recently taken tanker contracts were particularly active in entering or returning to the sector. Looking at vessels of 60,000 dwt and above, 33 shipyards took an order in 2015, the highest total since 2006.
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The number of Japanese yards taking a tanker contract (60,000+ dwt) tripled between 2013 and 2015, with 9 yards taking a total of 47 orders last year. Meanwhile in China, 12 yards took orders last year for 81 tankers of 60,000+ dwt, up from 6 yards in 2013. The majority of the ‘extra’ builders across both countries were previously focused on the bulk carrier sector, diversifying into tanker construction in order to secure new work. Outside of the major Asian builder countries, Spanish yard Navantia Ferrol notably signed contracts for 4 Suezmaxes, the first 60,000+ dwt tankers reported ordered at a Western European yard since 1998.
Source: Clarkson Research Services Limited
Re: Tankernieuws, olieprijzen en bunkers
AET signs agreement to acquire 100% of Paramount Tankers
AET Tankers has agreed to purchase the remaining 50% of Paramount Tankers that the Company currently jointly own (under a 50/50 joint venture agreement) with Golden Energy Tanker Holdings. Paramount Tankers is a JV which owns and operates six Aframax vessels. Commercial management is delivered by AET and technical management is provided by Enterprises Shipping and Trading SA.
Crude Oil Tanker Eagle Paraiba - Image: AET Tankers
AET President & CEO, Captain Rajalingam Subramaniam, says:
“We are continually looking for opportunities to ensure sustainable growth in our business and to own / operate modern tonnage which serves our customer needs globally. Acquiring the Paramount JV in its entirety allows us to own and operate all six vessels on our own. We are the commercial managers for the vessels and have commenced taking over the technical management. The vessels are of a high quality design and built to our lightering specifications and can trade worldwide to serve our global client needs. This transaction demonstrates our commitment to our customers, shareholders, stakeholders and the industry we operate in."
“Paramount Tankers has been an extremely successful joint venture and I’d like to thank our partners for their unwavering support over the past six years”, he added.
AET expects the transaction to be concluded by September 2016.
Source: AET
AET Tankers has agreed to purchase the remaining 50% of Paramount Tankers that the Company currently jointly own (under a 50/50 joint venture agreement) with Golden Energy Tanker Holdings. Paramount Tankers is a JV which owns and operates six Aframax vessels. Commercial management is delivered by AET and technical management is provided by Enterprises Shipping and Trading SA.
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AET President & CEO, Captain Rajalingam Subramaniam, says:
“We are continually looking for opportunities to ensure sustainable growth in our business and to own / operate modern tonnage which serves our customer needs globally. Acquiring the Paramount JV in its entirety allows us to own and operate all six vessels on our own. We are the commercial managers for the vessels and have commenced taking over the technical management. The vessels are of a high quality design and built to our lightering specifications and can trade worldwide to serve our global client needs. This transaction demonstrates our commitment to our customers, shareholders, stakeholders and the industry we operate in."
“Paramount Tankers has been an extremely successful joint venture and I’d like to thank our partners for their unwavering support over the past six years”, he added.
AET expects the transaction to be concluded by September 2016.
Source: AET
Re: Tankernieuws, olieprijzen en bunkers
Gener8 Maritime Inc. Announces Delivery of the "ECO" VLCC - Gener8 Nautilus
Gener8 Maritime, Inc., a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Nautilus on April 20, 2016 from Hyundai Samho Heavy Industries Co., Ltd.
Gener8 Nautilus - Image: Gener8 Maritime / Twitter
The Gener8 Nautilus represents the ninth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Nautilus entered Navig8's VL8 Pool.
Gener8 Nautilus - Image: Gener8 Maritime / Twitter
Gener8 Nautilus - Image: Gener8 Maritime / Twitter
As of April 25, 2016, Gener8 Maritime has a fleet of 45 wholly-owned vessels on a fully-delivered basis. Gener8's fleet is comprised of 12 VLCC newbuildings and 33 vessels on the water consisting of 16 VLCCs, 11 Suezmaxes, four Aframaxes, and two Panamax tankers, with a total carrying capacity of approximately 10.8 million deadweight tons ("DWT"), and average age on a DWT basis of less than 6 years on a fully-delivered basis. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.
Source: Gener8 Maritime
Gener8 Maritime, Inc., a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Nautilus on April 20, 2016 from Hyundai Samho Heavy Industries Co., Ltd.
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The Gener8 Nautilus represents the ninth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Nautilus entered Navig8's VL8 Pool.
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As of April 25, 2016, Gener8 Maritime has a fleet of 45 wholly-owned vessels on a fully-delivered basis. Gener8's fleet is comprised of 12 VLCC newbuildings and 33 vessels on the water consisting of 16 VLCCs, 11 Suezmaxes, four Aframaxes, and two Panamax tankers, with a total carrying capacity of approximately 10.8 million deadweight tons ("DWT"), and average age on a DWT basis of less than 6 years on a fully-delivered basis. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.
Source: Gener8 Maritime
Re: Tankernieuws, olieprijzen en bunkers
BW LPG announces a sale and leaseback arrangement and two time-charter-in agreements
BW LPG Limited (BW LPG) has concluded a sale and leaseback agreement with Nissen Kaiun Co. Ltd. for its last VLGC newbuilding under construction at Daewoo Shipbuilding and Marine Engineering.
Chemical/Oil Products Tanker BW Aries - Image: BW LPG
Concurrently BW LPG Limited has also agreed to time-charter-in two VLGC newbuildings to be constructed at Mitsubishi Heavy Industries from Nissen Kaiun Co. Ltd, with deliveries expected in 2020. All three time-charter-in agreements include purchase options.
Commenting on the transaction, BW LPG CEO, Martin Ackermann said, “The benefits of the transactions are threefold: it allows us to renew our chartered-in fleet, enables us to offer our customers more flexible solutions and it further strengthens our relationship with Japan, which is one of the world’s most important LPG demand centres.”
LPG Tanker BW Denise - Image: BW LPG
Source: BW LPG
BW LPG Limited (BW LPG) has concluded a sale and leaseback agreement with Nissen Kaiun Co. Ltd. for its last VLGC newbuilding under construction at Daewoo Shipbuilding and Marine Engineering.
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Concurrently BW LPG Limited has also agreed to time-charter-in two VLGC newbuildings to be constructed at Mitsubishi Heavy Industries from Nissen Kaiun Co. Ltd, with deliveries expected in 2020. All three time-charter-in agreements include purchase options.
Commenting on the transaction, BW LPG CEO, Martin Ackermann said, “The benefits of the transactions are threefold: it allows us to renew our chartered-in fleet, enables us to offer our customers more flexible solutions and it further strengthens our relationship with Japan, which is one of the world’s most important LPG demand centres.”
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Source: BW LPG
Re: Tankernieuws, olieprijzen en bunkers
Controversial oil-deal tanker stopped outside Maltese waters
Maltese officials report that the oil tanker Distya Ameya which was loaded on Monday ( Apr 25) with 650,000 barrels of oil at the Hariga terminal in Tobruk has not tried to enter Maltese territorial waters. They say they are monitoring the situation and are in contact with other international authorities.
There were earlier reports that the Indian-registered tanker had been prevented from sailing to Malta by the Maltese authorities. It was reported to have left Tobruk on Monday, heading for Malta.
Crude Oil Tanker DISTYA AMEYA (previously known as KASSOS - Image: mara/shipspotting
The export of the oil from the Sarir and Messla fields has sparked a major row between the parallel national oil corporations based in Tripoli and Beida. It was sold by the latter on behalf of the Thinni government to UAE-based DSA Consultancy FZC but the sale has been condemned as illegal by the Tripoli NOC chairman Mustafa Sanalla.
Sanalla, who few days ago said that the export of the oil had successfully been prevented, has now formally informed the Presidency Council of the sale, asking it to use its international connections to stop the tanker. The Presidency itself had already called for international help to prevent the transport of illegal sales of oil.
A senior Maltese official said that there had been no communication with the vessel. He also questioned whether the oil was in fact headed to Malta, where no refinery exists. If it were, he stated, it would have to leave again.
He also questioned whether the money paid for the oil would go to the Thinni government, as reports suggest. The UN, he stressed, had made it clear that revenue from oil sales had to be paid to the Central Bank of Libya.
“This is not another Morning Glory case,” he said, referring the failed attempt by Ibrahim Jardhran in March 2014 to sell oil. “The money is not going to fall into the wrong hands. It will have to be paid into the central bank in Tripoli.”
He also claimed that the issue was more about a personal clash between Sanalla and the Beida NOC chief Naji Elmagrebi, both of whom were hoping to be confirmed as head of the corporation by prime minister-designate Faiez Serraj.
Separately, the Libyan ambassador to the UN, Ibrahim Dabbashi, has called on the UN sanctions committee to blacklist the Distya Ameya.
Dabbashi now supports the Presidency Council, having broken with the Thinni government in December. The latter then announced it was sacking him because of a complaint from Elmagrebi who alleged he was blocking an oil sale organised by the eastern NOC. It is not known at present if it was the same oil sale or another.
The UN, which on 23 December endorsed the Skhirat agreement and recognised the Presidency Council as the legitimate authority in Libya rather than the Thinni government, ignored the latter’s decision.
Source: Libya Herald
Maltese officials report that the oil tanker Distya Ameya which was loaded on Monday ( Apr 25) with 650,000 barrels of oil at the Hariga terminal in Tobruk has not tried to enter Maltese territorial waters. They say they are monitoring the situation and are in contact with other international authorities.
There were earlier reports that the Indian-registered tanker had been prevented from sailing to Malta by the Maltese authorities. It was reported to have left Tobruk on Monday, heading for Malta.
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The export of the oil from the Sarir and Messla fields has sparked a major row between the parallel national oil corporations based in Tripoli and Beida. It was sold by the latter on behalf of the Thinni government to UAE-based DSA Consultancy FZC but the sale has been condemned as illegal by the Tripoli NOC chairman Mustafa Sanalla.
Sanalla, who few days ago said that the export of the oil had successfully been prevented, has now formally informed the Presidency Council of the sale, asking it to use its international connections to stop the tanker. The Presidency itself had already called for international help to prevent the transport of illegal sales of oil.
A senior Maltese official said that there had been no communication with the vessel. He also questioned whether the oil was in fact headed to Malta, where no refinery exists. If it were, he stated, it would have to leave again.
He also questioned whether the money paid for the oil would go to the Thinni government, as reports suggest. The UN, he stressed, had made it clear that revenue from oil sales had to be paid to the Central Bank of Libya.
“This is not another Morning Glory case,” he said, referring the failed attempt by Ibrahim Jardhran in March 2014 to sell oil. “The money is not going to fall into the wrong hands. It will have to be paid into the central bank in Tripoli.”
He also claimed that the issue was more about a personal clash between Sanalla and the Beida NOC chief Naji Elmagrebi, both of whom were hoping to be confirmed as head of the corporation by prime minister-designate Faiez Serraj.
Separately, the Libyan ambassador to the UN, Ibrahim Dabbashi, has called on the UN sanctions committee to blacklist the Distya Ameya.
Dabbashi now supports the Presidency Council, having broken with the Thinni government in December. The latter then announced it was sacking him because of a complaint from Elmagrebi who alleged he was blocking an oil sale organised by the eastern NOC. It is not known at present if it was the same oil sale or another.
The UN, which on 23 December endorsed the Skhirat agreement and recognised the Presidency Council as the legitimate authority in Libya rather than the Thinni government, ignored the latter’s decision.
Source: Libya Herald
Re: Tankernieuws, olieprijzen en bunkers
Concordia Maritime signs new contract for P-MAX tanker
Concordia Maritime has signed a new consecutive voyage contract for the P-MAX tanker Stena Polaris. The contract, which comes into effect in May 2016, is for one year. The contractual partner is one of the world’s largest oil and gas companies.
Oil Products Tanker Stena Polaris - Image: Stena Northern Sea Route
“This is a new niche trade that we have identified together with our customer. The new contract clearly demonstrates that we have found an arrangement that creates value for all parties. The customer has a specific transport need for which the large load capacity of the P-MAX tankers will be well suited. For our part, the contract is fully in line with our commitment to concentrate employment on niche trades where there is potential for premium rates,” says Kim Ullman, CEO of Concordia Maritime.
Stena Polaris has been employed on one of the same customer’s niche trades to Australia and New Zealand since spring 2014. The vessel will be mainly used to transport light oil products from Singapore to island groups in the Pacific Ocean. With her shallow draft and high load capacity, the P-MAX tanker will allow efficient transportation of large volumes.
Source: Concordia Maritime
Concordia Maritime has signed a new consecutive voyage contract for the P-MAX tanker Stena Polaris. The contract, which comes into effect in May 2016, is for one year. The contractual partner is one of the world’s largest oil and gas companies.
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“This is a new niche trade that we have identified together with our customer. The new contract clearly demonstrates that we have found an arrangement that creates value for all parties. The customer has a specific transport need for which the large load capacity of the P-MAX tankers will be well suited. For our part, the contract is fully in line with our commitment to concentrate employment on niche trades where there is potential for premium rates,” says Kim Ullman, CEO of Concordia Maritime.
Stena Polaris has been employed on one of the same customer’s niche trades to Australia and New Zealand since spring 2014. The vessel will be mainly used to transport light oil products from Singapore to island groups in the Pacific Ocean. With her shallow draft and high load capacity, the P-MAX tanker will allow efficient transportation of large volumes.
Source: Concordia Maritime