While tanker demand dictates trade volumes and tanker routes, the volatility of fleet growth on the supply side may have a pronounced impact on freight rates, according to the latest report from McQuilling Services. Ton-mile data for crude/dirty petroleum product tankers (DPP) and clean petroleum pr
Bermuda-based tanker owner Nordic American Tankers Limited has decided to up its fleet to 33 vessels as it signed agreements for three new Suezmax tankers with South Korea’s shipbuilder Samsung Heavy Industries. Featuring 157,000 deadweight tons each, the new vessels are scheduled for delivery to NA
Global demolition activity increased by 16% in the first nine months of 2016 in comparison to the same period of 2015, as shipowners struggle to counter the imbalance between supply and demand in the market, according to international shipping association BIMCO. A total of 36.2 million dwt was demol
The Philippines-based infrastructure solutions provider AG&P (Atlantic, Gulf and Pacific Company) has launched its ultra-shallow draft 4000 – 8000m³ liquefied natural gas (LNG) carrier, capable of accessing rivers and shallow harbors with a draft of only two meters. In a first for the rapidly emergi
Sweden-based shipowner Furetank Rederi AB and its compatriot Rederi AB Älvtank have contracted two additional product/chemical tankers with LNG propulsion at China’s Avic Dingheng Shipyard. The vessels, of which Furetank and Älvtank will own one each, will be delivered during 2018 and 2019. Featurin
Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) has placed an order for six chemical tankers at China’s Wuchang Group as part of the company’s strategic long-term partnership with the shipbuilder. GulfNav said that the move aims to meet the increasing demand for transferring chem
Chemical shipping company Navig8 Chemical Tankers Inc. has expanded its fleet as it took delivery of a 25,000 dwt stainless steel chemical tanker, the Navig8 Stellar. Delivered by the Japanese shipbuilder Kitanihon Shipbuilding, Navig8 Stellar is the fourth of six vessels contracted at the shipyard
The pace of world fleet growth has slowed down with the fleet expanding by 3.1% over the last 12 months, representing the lowest level of monthly year-on-year growth reported since the early 2000s, according to Clarksons Research. More limited contracting and lower delivery volumes combined with fir
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has ordered the NO96 cryogenic membrane containment systems for two new liquefied natural gas (LNG) carriers from French marine engineering company GTT. The NO96 systems, scheduled for delivery in 2019, will be installed on two
South Korean shipbuilder Hyundai Heavy Industries, one of the country’s Big Three shipyards, has managed to stay in the black for the third quarter in a row. According to the company’s stock exchange filing, Hyundai Heavy saw its net income for the third quarter of 2016 at KRW 334.4 billion (USD 294
Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) said that it plans to enter into shipbuilding contracts on October 25 through its subsidiary GNH Maritime Ship Management & Operations LLC. Namely, the company informed that the contracts will be signed with China Shipbuilding & Off
Athens-based containership owner Costamare Inc. has agreed to postpone the deliveries of the remaining four newbuilding 11,010 TEU containerships, ordered through the company’s joint venture with York Capital. The four vessels, three of which were scheduled to join the company’s fleet in October 201
Tanker shipping company d’Amico International Shipping has added a 39,000 dwt handysize vessel and two 50,000 dwt medium range ships, built at the Vietnamese shipyard Hyundai Vinashin Shipyard, to its fleet. The total investment for the three new eco-ships, namely Cielo di Salerno, High Wind and Hig
Singapore’s gas carrier owner BW LPG has further expanded its fleet as it took delivery of the first of four Very Large Gas Carriers (VLGCs) in its newbuilding program from South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME). Named BW Magellan, the new VLGC features a length of 226 meter
