Singapore: Wallem Shipmanagement and Nanjing Tanker Corp have launched a ship management partnership in Singapore.

Manila: Philippine-based fuel retailer Phoenix Petroleum Philippines, Inc. will acquire 100% of Chelsea Shipping Corp for PHP1.5bn ($35.8m).

Mumbai: The Great Eastern Shipping Company has inked a contract to purchase a VLGC of about 49,700 dwt or 75,000 cu m.

Jakarta: Berlian Laju Tanker (BLT) has secured a further three months protection from creditors in the Singapore courts as the company says it has presented a preliminary restructuring plan.

Tokyo: In a stereotypical example of national traits, Japan’s Cabinet has approved a bill to provide sovereign insurance for Iranian oil import shipments, decisively ensuring continued flow.

Hong Kong: Titan Petrochemicals unit Sino Venus is cutting short five bareboat charters from Oceanic Shipping with effect from 1 June 2012.

In this week’s issue -

As tanker owners struggle with soaring bunker costs and rates that do not even represent breakeven Intertanko is set to roll out a fuel optimisation tool to its members.

New York: The recent jump in newbuilding orders for MR product tanker could further depress the already weak tanker market, warns shipping consultancy McQuilling Services.

Dalian: Chinese shipyards are scheduled to hand over the first of 12 VLCCs to Iranian oil shipping operator NITC in May.

Jakarta: Buana Listya Tama, the Indonesian-listed domestic arm of financially troubled Berlian Laju Tanker, is delaying the issuing of its financial results.

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