Tanker market prospects were a major item of conversation at the annual shipping conference hosted by the Hellenic American and Norwegian American Chambers of Commerce in New York with this year’s theme was “Shipping Survivors”.

The better oil price environment seems to already be having a positive impact on some companies, with Brightoil Petroleum releasing a positive profit alert.

Dubai-based shipping firm Gulf Navigation has announced profits of AED 136.57m ($37.31m) for 2016 – a notable increase on the previous 12 months. 

Despite the difficult shipping markets in 2016 traffic in the world’s busiest shipping lane – the Straits of Malacca and Singapore (SOMS) – were up 3.4% to a new all time high of 83,740 transits.

MISC managed a 10% rise in full year net profit for 2016, with the bottom line rising to MYR2.79bn ($627.3m) from MYR2.54bn previously even as revenue fell to MYR9.60bn from MYR10.91bn in the previous corresponding period.

John Fredriksen’s Frontline has launched a defence of its offer for DHT Holdings which has been publicly rejected.

A record high crude oil tanker delivery amounting to 5.5m dwt in January has instantly threw the sector's demand-supply out of balance and put pressure on freight rates, according to a latest report by Bimco.

Japan’s NYK slumped to a near $2bn loss in the first nine months of FY2016 as it took massive impairments on cancelled charter contracts.

Mitsui OSK Lines (MOL) increased its nine-month earnings for FY2016 reporting profit of JPY19.03bn ($163.33m), but lowered its full year profit forecast.

Frontline acquisition target DHT Holdings has ordered two VLCC newbuildings from Hyundai Heavy Industries (HHI).

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