Publication: Tanker Operator

First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

Johnston steps down from OSG

He will continue to advise the company as a consultant through mid-2015."Bob's contributions to OSG's success over the past 45 years cannot be overstated," said John Ray, OSG’s chairman of the board. "He is an incredibly skilled shipping operator and ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

FSL turns the corner

FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust (FSL) has generated a profit of $1 mill for for the second quarter of 2014, compared to a loss of $7.2 mill for the corresponding period the previous year. This follows the successful ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

NORDEN’s results deemed unsatisfactory

Aug 22 2014Danish drybulk and tanker owner NORDEN reported a disappointing EBITDA of - $7 mill in 2Q14, compared to $4 mill in 2Q13.For the first half of this year, there was an increased loss of -$68 mill, compared to -$34 mill in 1H13. Expectations ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

Concordia boosted by vessel sales

The profit was boosted by the sale of the company’s investments in the jointly owned LR1s ‘Palva’ and ‘Stena Poseidon’, which netted Concordia around SEK80 mill ($12.2 mill).EBITDA for the period was SEK86.5 mill ($13.2 mill), compared with SEK38.8 mill ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

AMSC bullish on Jones Act tanker market

EBITDA was $20.9 mill, compared with $21 mill in 2Q13, while EBIT was $12.5 mill, compared with $12.6 mill in 2Q13. However, the net profit slumped to $2.7 mill, compared to $13.1 mill in 2Q13.For the first half of this year, AMSC recorded operating revenues ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

Newbuilding orders switch to crude

Tsakos’ order for two, plus two optional LR1s announced earlier this month (see story below), were the first orders for clean products tankers since June, Gibson said. Orders for product carriers this year have numbered well below last year’s levels.In ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

Enlarged fleet buoys Navios

This increase was mainly attributable to the deliveries of 10 MR2s, two chemical tankers and five VLCCs from 1 st April, 2013 until 30 th June, 2014.As a result of these vessel deliveries, available fleet days increased to 3,288 days for 2Q14, as compared ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

NAT suffers drop in cash flow

NAT said that the strong winter market at the beginning of the year subsided the 2Q14 results. Both refinery maintenance schedules and geopolitical factors affected the results in a weaker spring market.However, there are now indications that a recovery ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

TORM continues on road to recovery

EBITDA for 2Q14 was a gain of $14 mill (2Q13: $25 mill). The result before tax was a loss of $24 mill (2Q13: -$30 mill). Cash flow from operating activities after full interest payment was positive by $15 mill (2Q13: $28 mill).In 2Q14, the product tanker ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

Disabled chemical tanker taken in tow

According to a spokesman for the owner, the tug and tow are expected to take at least a week to reach port.The 20,000 dwt ‘Pine Galaxy’ built 2003 and owned by Japan-based Kasuga Shipping, suffered an engine room fire on 13 th August, during which a seafarer ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

Partnership looks to buy more shuttle tankers

The adjusted EBITDA was $16.3 mill for 2Q14.Net income in 2Q14 was affected by $1.6 mill in unrealised mark to market losses on derivatives and around $2.2 mill in transaction costs on refinancing, acquisitions and preparation for the Partnership’s June ... [Published Tanker Operator - Aug 22 2014]
First reported Aug 22 2014 - Updated Aug 22 2014 - 1 reports

New chartering opportunities opening up

Germany's Wintershall, a subsidiary of BASF, has restarted production at the 220,000 barrel per day Ras Lanuf terminal for the first time since protests ended in July, Ibrahim al-Awami, general manager of inspections and measurement at the oil ministry, ... [Published Tanker Operator - Aug 22 2014]

Quotes

Capt Johnston commented, "OSG is an extraordinary company with a talented team of employees. As we complete the restructuring, I can leave the company confident in our new financial position, our customer commitment and our attractive long-term prospects."
"Navios Acquisition has a modern fleet of 44 owned vessels with an average age of 4.8 years. We have patiently built this company to be one of the largest publicly listed tanker companies, using our network of industry relationships and taking advantage of distressed deals and opportune moments."
"A tanker with 80,000 tonnes of crude oil arrived at the Omisalj terminal and it should be unloaded on Sunday" Reuters said, citing a report in local media. Two more tankers remained stranded off the US coast, awaiting a US decision about their cargoes...
The new venture, which is to buy secondhand vessels, or order new ships, aims to "form one of the world's leading tanker fleet by scale, increase both parties' share of transporting China's oil imports and international market competitiveness" , China Merchants said in a statement to Chinese newswires last Monday

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AMSC bullish on Jones Act tanker market [Published Tanker Operator - Aug 22 2014]
Newbuilding orders switch to crude [Published Tanker Operator - Aug 22 2014]
Concordia boosted by vessel sales [Published Tanker Operator - Aug 22 2014]
NORDEN’s results deemed unsatisfactory [Published Tanker Operator - Aug 22 2014]
TORM continues on road to recovery [Published Tanker Operator - Aug 22 2014]
NAT suffers drop in cash flow [Published Tanker Operator - Aug 22 2014]
Partnership looks to buy more shuttle tankers [Published Tanker Operator - Aug 22 2014]
Disabled chemical tanker taken in tow [Published Tanker Operator - Aug 22 2014]
FSL turns the corner [Published Tanker Operator - Aug 22 2014]
Johnston steps down from OSG [Published Tanker Operator - Aug 22 2014]
Enlarged fleet buoys Navios [Published Tanker Operator - Aug 22 2014]
New chartering opportunities opening up [Published Tanker Operator - Aug 22 2014]
Giant Chinese VLCC venture takes shape [Published Tanker Operator - Aug 22 2014]
First oil from Yamal next month [Published Tanker Operator - Aug 22 2014]
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