The tanker market is seeing the “full realistion” of oversupply the ABSA Cargo Conference was told last week, but changing trading patterns were also starting to emerge.

Sovcomflot (SCF) is ordering five LNG-powered aframaxes for Rosneft at Zvedza Shipbuilding Complex.

Following a relatively small oil spill off Athens 10 September, that authorities have been accused of handling poorly, Greece’s Prime Minister Alexis Tsipras and Shipping and Island Policy minister, Panagiotis Kouroumplis, have pledged a shake-up of the Hellenic Coast Guard, the way ship’s seaworthiness certificates are issued, and a review age limits.

An upturn in the tanker market is not seen until the end of 2018 as oversupply and newbuilding orders dog the market.

Thailand’s newly-listed Prima Marine (PRM) is planning to double the size of its fleet over the next three years, including the purchase of at least one VLCC and two FSO vessels, reports said.

The aftermath of Hurricane Harvey, and anticipation of the next storm, “Hurricane Irma”, have impacted the trading patterns for vessels in the US Jones Act trades, including MR sized tankers of 46,000 to 50,000 dwt and Articulated Tug Barges (ATBs).

Skies have cleared over Texas as what was Hurricane Harvey has now moved inland, but the damage, and the implications for shipping, are still unfolding.

Russian shipping group Sovcomflot remained in the black for the first half of 2017, albeit with a much reduced profits, saying the result showed the resilience of its expanding industrial shipping business despite the “turbulent conditions” seen in conventional tanker markets.

John Fredriksen’s flagship tanker firm Frontline expects to see attractive M&A prospects in the second half the year on the back of weaker markets.

Despite falling rates in the international oil shipment market, Cosco Shipping Energy Transportation's “big cooperation with big customers” strategy utilised in its domestic shipping, helped it to an RMB865m ($131.4m) first half profit even though revenue fell 8% to RMB4.9bn.

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