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.

Singapore: First Ship Lease (FSL) Trust secured a three-year time charter agreement to charter a product tanker to Petrobras on a gross daily charter rate of $14,000 a day.

Singapore: The remaining two tankers from First Ship Lease (FSL) Trust chartered to Berlian Laju Tankers (BLT) have been redelivered.

Kuala Lumpur: Global Carriers lowered its full year net loss as revenue rose from higher vessel utilisation and lower technical downtime.

Ulsan: Kuwait Oil Tanker Co (KOTC) has inked a deal to build four chemical tankers at Hyundai Mipo Dockyard.

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