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.
The remains have been recovered of all 10 US Navy sailors missing from last Monday’s collision between the USS John S McCain and the tanker Alnic MC in the Singapore Strait.
The US Navy has called an “operational pause” to its fleet after the destroyer USS John S McCain collided with a tanker in the Singapore Strait leaving 10 missing and five injured.
Gulf Navigation Holding (GulfNav) is on course for a major expansion of its business as it reports a 33% jump in first half profits.
Tanker owner Euronav says the delay in implementation of the IMO’s Ballast Water Management (BWM) Convention for all large tankers by two years will have little impact on the market.
Nordic American Tankers (NAT) has inked two additional time charters with oil major Shell.