Defying difficult market conditions traffic in the world's busiest shipping lane, the Malacca Straits, continued to grow over the last three years hitting an all time high of 84,456 transits in 2017.
Saudi Arabia’s Bahri is continuing to consolidate its position as the world’s largest owner and operator of VLCCs with delivery of its 42nd VLCC.
More validation is emerging for Wärtsilä’s dual fuel concepts and technology with the signing of orders for a new shuttle tanker concept developed by the world’s largest provider of shuttle tanker services; Teekay, in close cooperation with Wärtsilä.
Bimco says that caution will be needed in 2018 to sustain the improvement in shipping markets last year, with China remaining as the driving force of demand.
The announcement of Euronav’s all-share acquisition of Gener8 Maritime came after years of pounding the virtues of the C-word – consolidation - by Euronav’s ceo Paddy Rodgers.
Euronav is taking over Gener8 Maritime in an all stock merger creating a new giant in the large tanker sector.
Cosco Shipping Energy Transportation is going back on the ordering trail, announcing a RMB2.14bn ($323.7m) order for seven tankers from Guangzhou Shipyard International (GSI) over the weekend.