The group, which ran up a USD24.24 million net loss after its USD34.32 million surplus in the first half, warned that only higher scrapping levels would tip the supply-demand balance back in its favour and lift freight rates as additional VLCC and Suezmax capacity continues to come on to the market.
Suezmaxes stand to benefit most from increase in US crude oil exports
Brazilian mining company in talks sell another two VLOCs but it did not reveal any buyer details.
Malaysia’s MISC Berhad reported higher earnings in the first half of 2017 and is confident that long-term charterers secured will ensure stable financial performance.
South Korea’s Hanjin Heavy Industries & Construction is embarking on the sale of its entire stake in Hacor as part of its massive debt restructuring efforts.
Commodities giant Cargill agrees to take South Korean investment outfit Kmarin’s Supramax bulk carrier for up to 14 months.
The planned 60,000 gt newbuild, the subject of a letter of intent with a Finnish shipyard, will host a range of innovative features, including retractable arrays of solar panels able to act as sails, and radical energy storage and recycling solutions. It will be fitted with an LNG dual-fuel electric propulsion system.
Multiple issues, ranging from unclear legislation on pricing and a cautious approach by banks, through to overcapacity concerns, have derailed the government’s plans for port expansion.
DHT interims slightly more positive than expected but tanker sector experiences tough start to the year.
In their effort to smooth cargo flows and reduce delivery times at JNPT, customs authorities have subverted the point-to-point delivery agreement established in the internationally accepted bill of lading.