World Fuel Services has purchased four bunker tankers from Singapore-based physical supplier Panoil Petroleum.
Net loss in 2Q17 amounted to USD1.6 million compared with a profit of USD15.0 million in the same period last year, when freight rates were much firmer.
Maersk Tankers, which operates 160 product carriers, made a loss of USD483 million compared to a profit of USD28 million a year earlier.
Rising scrap prices encourage further demolition activity, with Greek owner John Angelicoussis’ VLCC sold close to the USD400 per ldt mark.
This year, fleet growth will amount to about 4% to 5%, while production cuts by OPEC combined with high levels of oil stocks in consumer countries have depressed the market and wiped out prospects for arbitrage in oil product trades, which is a major driver of demand.
French shipowner Socatra Shipping has inked letters of intent for construction of up to eight MR tanker newbuildings with Chinese and Korean shipyards for delivery in 2019.
As Venezuela’s political and economic situation deteriorates, increasing impacts are being felt in the tanker trades, according to the International Energy Agency.
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
The positive figures underline Qatar's forceful response to the need for greater resourcefulness in the face of the removal of access to regional transhipment hubs since the standoff began 5 June.