Home' Ships and Shipping : December 2009 Contents TANKER NEWS
Norden has named the first of six new medium range (MR)
product tankers built by Japan's Imabari Shipbuilding.
The most recent addition to Norden's tanker fleet was the
48,006DWT MR product tanker, named 'Nord Imagination'.
The ceremony was held at the Iwagi Zosen Shipyard, one of
eight yards in the Seto Inland Sea region which together form
'Nord Imagination' was delivered to Norden on October 30
and will enter the Norient Product Pool. Her maiden voyage went
to Singapore and her first assignment was with one of the pool's
'Nord Imagination' is the first in a series of six MR
newbuildings which will all be given I-names honouring their
origin at Imabari Shipbuilding. The sister vessels will all be
delivered in 2010 and enter Norient Product Pool upon delivery.
'Nord Imagination' and 'Nord Intelligence'
Norden names first of six MR product tankers at Imabari Shipbuilding
Aker Philadelphia Shipyard held a keel-laying ceremony on
October 12 for the tenth tanker in a current build programme.
The ceremony was conducted with American baseball team,
the Philadelphia Phillies, as well as representatives of the
shipyard and OSG America.
When completed, the 46,000DWT tanker will be over 182
metres long and will be sold to the American Shipping Company,
which will in turn bareboat charter the vessel to OSG America for
use in transporting petroleum products.
The yard currently has three other product tankers under
construction in the series of twelve, with delivery of the next
vessel expected in the next several weeks.
Aker Philadelphia holds keel laying for a tenth 46,000DWT tanker
Workers at Aker Philadelphia Shipyard celebrate the keel-laying
Euronav reported a net result of US$21
million for the third quarter of 2009
compared with US$158 million the
EBITDA for the same period was
US$35.7 million compared with US$216.6
million in 2008.
The average daily time charter
equivalent rates (TCE) obtained by the
company's fleet in the Tankers
International pool was approximately
US$23,100 per day compared with
US$116,000 per day. The time charter
equivalent earnings of the Euronav
Suezmax fleet which is mostly fixed on
long term time charters, including profit
shares when applicable, was US$29,300 per
day (third quarter 2008: US$ 46,000 per
day) for the third quarter 2009.
Since the end of the first quarter, the
freight market for seaborne transportation
of crude oil has been low. Euronav said
that this was due to a lower demand for
transportation caused by a reduced
demand for crude oil as part of the global
"As the world economy seems to come
out of the recession, demand for crude oil
is also picking up. Management remains
cautious however in respect of the outlook
for the rest of the year," said a press
statement issued by the company.
So far in the fourth quarter, Euronav's
VLCC fleet operated in the tankers
International pool has earned US$22,400
per day and 33 percent of the available
days have been fixed.
Euronav's fleet consists of interests in
23 very large crude carriers (VLCC) and
ultra large crude carriers (ULCC), of
which ten vessels are chartered in from
third parties either directly or jointly with
partners. Nineteen VLCCs and one ULCC
are managed in the Tankers International
pool of which Euronav is one of the
Two ULCCs are currently being
converted to FSOs.
Euronav owns and also operates 17
Suezmaxes. Euronav also has a further
seven Suezmaxes (four of which are
jointly owned) and one VLCC on order.
Euronav shows heavily reduced profit in third quarter
Dubai, UAE, Gulf Navigation Chairman
Abdullah Al Shuraim has said that the
company's board of directors has
authorised the executive committee to
conduct final negotiations for the prices
on four petrochemical carriers.
"In addition, the board has instructed
the executive committee and the
company's management to carry on
looking for the best opportunities to buy
crude oil and product tankers, either
through acquisition or new buildings of
low prices," Emirates Business quoted Mr
Al Shuraim as saying.
Gulf Navigation reported a 91 percent
decline in profits in the first nine months of
the year, however, Mr Shuraim said that the
company had managed to generate positive
cash flows and a positive bottom line.
He added that the loss of time charter
contracts was due to charterers' inability
to fulfil contractual agreements.
Per Wistoft, CEO of Gulf Navigation,
said that the company would not revise its
charter contract rates to offset the loss of
"We believe that once a contract has
been entered, it is there to be honoured by
both parties," he said.
Gulf Navigation owns 15 tankers
including VLCCs, Suezmax, chemical and
product tankers. The company also owns
four crew boats.
Gulf Navigation negotiating to purchase four petrochemical carriers
Euronav: Global recession has meant reduced
demand for crude oil and thus reduced demand
for sea transportation. Demand is now picking
up, but perhaps too late for this year
'Gulf Ahmadi', part of the Gulf Navigation fleet
December 2009 SHIPS AND SHIPPING
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